Bankers Compliance Group Website Feed

Important Updates - Remember: Depository Institutions are Exempt from CA’s New Commercial Financing Disclosure Rules

Thu, 17 Nov 2022 13:43:54 EST

Important Update - Remember: Depository Institutions are Exempt from CA’s New Commercial Financing Disclosure Rules

Thu, 17 Nov 2022 13:26:38 EST

California's new commercial financing disclosure regulations become effective on December 9, 2022. Previously, on June 9, 2022, California's Office of Administrative Law approved the final regulations the Department of Financial Protection and Innovation (DFPI) issued to implement California's Commercial Financing Disclosures law (Division 9.5 of the Financial Code Sections 22800-22805). The new regulations are published in Title 10 California Code of Regulations Sections 900-956. These regulations require a commercial financing "provider," including California finance lenders to disclose certain information to "recipients" in connection with an extension or offer of "commercial financing."

November 2022 Newsletter

Wed, 09 Nov 2022 19:31:39 EST

The November BCG Newsletter is here! This months highlights include "CFPB Funding Found Unconstitutional", "SB 1415 Requires Institutions to Report Annual Revenues of Overdraft & NSF Fees to the DFPI", "California Appellate Court Holds Commercial Loan Late-payment Provision is Unlawful Liquidated Damages Penalty", "SEC Adopts New Requirements on Executive Compensation", "NCUA Updates its Automated Cybersecurity Evaluation Toolbox"

December BCG Seminar - 37TH ANNUAL MANAGEMENT & DIRECTORS SEMINAR: New Expectations and Challenges in California Banking

Wed, 09 Nov 2022 16:12:06 EST

Please join us for our 37th Annual BCG Management and Directors Seminar to be held in-person at the Anaheim Marriott and the San Francisco Palace Hotel. Members and Non-members are welcome to join us at the in-person seminars. A Recording Playback will be also be available to Members only. Keynote Address: CALIFORNIA BANKING TRENDS Speaker: Kathy L. Moe Regional Director Federal Deposit Insurance Corporation Speaker: Aaron Prosperi Deputy Commissioner, Banking California Department of Financial Protection and Innovation Regional Director Moe and Deputy Commissioner Prosperi will be speaking at both Anaheim and San Francisco Locations. Due to FDIC policy, Regional Director Moe's presentation will not be included in the Recording Playback. Deputy Commissioner Prosperi's presentation will be included. Other Presentations: New Expectations in Corporate Governance Consumer Lending Regulatory Update Banking Operations & FinTech Hot Topics Commercial Lending Update Top 10 Risk Management Issues for 2023 Other Speakers: Mark E. Aldrich Keith R. Forrester Anne M. McEvilly Stephanie A. Shea Joel N. Cook

Important Update - NFIP Extended Through December 16, 2022

Fri, 04 Nov 2022 14:38:53 EDT

As reported in BCG's October 2022 Newsletter, the president signed an amendment to the Affordable Insulin Now Act, H.R. 6833, which extended the National Flood Insurance Program (NFIP) through December 16, 2022.

Important Update - California “Middle Class Tax Refunds” Not Subject to Garnishment!

Fri, 21 Oct 2022 11:52:53 EDT

The California Middle Class Tax Refund payments that are scheduled to go out starting this month are not subject to garnishment orders, with the exception of orders in connection with child support, spousal support, family support, or a criminal restitution payable to crime victims. For purpose of the Middle Class Tax Refund program, "garnishment order" means a writ, order, notice, summons, judgment, levy, or similar written instruction issued by a court, a state or state agency, or a municipality or municipal corporation, including an order to freeze the assets in an account to effect a garnishment against a debtor.

October BCG Webinar

Wed, 19 Oct 2022 19:55:36 EDT

Financial institutions need to ensure that their ATM/Debit Card and ACH unauthorized claims processes are compliant and up-to-date. This Webinar will address the claims process at it is impacted by Regulation E, Visa and MasterCard rules, the National Automated Clearing House Association (NACHA) Operating Rules and California law. As a part of this presentation we will discuss the recent influx of "peer-to-peer" payments fraud and the push to require financial institutions to shoulder more exposure. Where do we stand on this issue under Regulation E today? What might we expect to see from the CFPB? Some additional questions we will address include: What are the rights of financial institutions when it comes to denying these types of claims and does it make a difference whether a claim comes from a consumer or a commercial customer? How does a customer's negligence in handling the card and PIN impact the claims process? What are the documents an institution can request, and how long does an institution have to complete its investigation?

December BCG Seminar: 37TH Annual Management & Directors Seminar New Expectations and Challenges in California Banking

Fri, 14 Oct 2022 12:46:06 EDT

October 2022 Newsletter

Fri, 14 Oct 2022 11:42:16 EDT

The October Newsletter is here! This months highlights include "NFIP Extended through December 16, 2022", "CFPB Hits Regions Bank with Severe Penalties for "Surprise" Overdraft Fees", "FRB Seeks Comment on 2009 CRE Policy Statement", "Rep. Waters Introduces Expansive CRA Bill" and "NCUA Proposes Member Expulsion Rule".

October BCG Monthly Telephone Briefing

Thu, 13 Oct 2022 15:38:33 EDT

October's BCG Monthly telephone briefing will be on Friday, October 22, 2022 from 12:00 p.m. - 1:30 p.m. This month's topics will be "Lobby and Labor Law Posting Requirements for Financial Institutions" and "Recent Overdraft Services Developments".

October BCG Monthly Telephone Briefing

Thu, 13 Oct 2022 15:14:05 EDT

October's monthly telephone briefing will be on Friday, October 21, 2022 from 12:00 p.m. - 1:30 p.m. This months topics will be "Lobby and Labor Law Posting Requirements for Financial Institutions" and "Recent Overdraft Services Developments".

October BCG Webinar

Mon, 12 Sep 2022 12:02:08 EDT

Lenders frequently trip on (and examiners frequently impose civil money penalties for) the flood insurance regulations basics. During this two-hour Webinar, we will thoroughly cover those basics. We will also discuss the recently published final Interagency Flood Q&As and key developments from the recent Interagency Flood Insurance Q&As Webinar. We will also highlight high priority issues such as the mandatory purchase requirements (including contents coverage) and private flood insurance. It'll be a Webinar mortgage and commercial real estate lenders shouldn't miss!

November BCG Seminar - Community Reinvestment Act

Fri, 09 Sep 2022 12:05:17 EDT

As compliance and CRA professionals are well aware, the consumer examination process continues to stress the importance of CRA compliance. CRA examinations evaluate the results of a bank's lending activities and, for some banks, also their community development investment and services activities, in meeting the credit needs of their local communities. In particular, the focus is on serving LMI individuals and LMI neighborhoods. As such, banks need to implement effective strategies for meeting their CRA obligations. We have designed our CRA Seminar to assist you in understanding the performance criteria that apply to each type of bank (large, intermediate small, and small), what qualifies as "community development," and how a bank's performance context - such as its capacity and constraints and the needs and opportunities within its assessment areas - can impact its CRA performance. Our discussion will also provide a high-level look at the interagency CRA Proposed Rule issued in May 2022. The proposal is aimed at making significant changes to how a bank's CRA performance is evaluated by using complicated formulas, revamping the definition of community development, and changing the asset-level thresholds for determining whether a bank is a large, intermediate, or small bank. This Seminar also will provide an update regarding recent developments regarding the Home Mortgage Disclosure Act and Regulation C, and some common HMDA data collection and reporting mistakes.

September 2022 Newsletter

Fri, 09 Sep 2022 11:47:08 EDT

The September BCG Newsletter is here! This month's highlights include "California Legislature Fails to Extend CCPA's Exemption for Business and Employee Data", "California Proposed Bill Requiring Companies to Disclose Gas Emissions Fails to Pass", "FTC Issues NPR for Motor Vehicle Dealers Trade Regulation Rule".

September BCG Monthly Telephone Briefing

Tue, 06 Sep 2022 19:33:43 EDT

Septembers monthly telephone briefing will be on Friday September 16th, 2022 from 12:00 - 1:30pm. This months topics will be on "Preventing Elder Financial Abuse and Exploitation"

October BCG Webinar

Tue, 06 Sep 2022 18:31:48 EDT

September BCG Webinar

Tue, 06 Sep 2022 18:29:54 EDT

No matter the times, fair banking compliance should remain at the forefront of every institution's lending and deposit activities. This is not just because it is a compliance issue that can expose an institution to examiner criticism, enforcement actions, civil suits and bad press, but more than ever, it has become a customer service issue. Note that this concept is no longer limited to just lending, but is far broader, and encompasses all facets of banking. During this Webinar, we will discuss how to maintain those fair banking compliance activities and what are currently the most pressing fair banking compliance topics.

September BCG Seminar: Commercial Lending in Troubled Times

Tue, 06 Sep 2022 14:45:07 EDT

With the COVID-19 pandemic still ongoing, the conflict in Ukraine continuing, and inflation increasing, there continues to be uncertainty regarding the future of the U.S. economy. As a result, commercial lenders need to be prepared for the ever-changing landscape when it comes to commercial lending. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend our Commercial Lending in Troubled Times Seminar. This Seminar will focus on a number of important issues impacting the origination and ongoing monitoring of loans in uncertain times, such as due diligence with respect to borrowers and collateral and early warning signs, attachment and perfection of security interests in personal property with a focus on problem areas, as well as managing your portfolio through loan participations, loan sales and purchases, and managing lending limits. The Seminar will also cover various "hot topics" such as the CFPB's proposed small business data collection rule, proposed amendments to the UCC to address security interests in digital assets, and developments regarding the cessation of LIBOR.

September BCG Webinar

Wed, 17 Aug 2022 14:22:54 EDT

State and federal laws require financial institutions to leave a certain amount on deposit in an account for a depositor to use when served with a levy or other garnishment if the depositor's account receives direct (electronic) deposits of certain state and federal benefit payments. There are yet other exemptions for set amounts, such as a child support order with a $3,500 exemption and California's SB 616 exemption for all natural persons. To further confuse matters, recently adopted AB 176 provides limitations on the ability of the Franchise Tax Board (FTB) to collect court-ordered and vehicle-related debt from certain individuals. This bill provides that the SB 616 exemption for natural persons will now also apply to specified orders to withhold that are issued by the FTB on or after January 1, 2022. This is a very complicated area of law. We will examine how financial institutions are expected to apply any given exemption whether served with a government or private party levy, attachment or order to withhold. Our program will also clarify common areas of confusion involving the conflicts among the various exemptions when processing levies, attachments and orders to withhold.

August 2022 Newsletter

Fri, 12 Aug 2022 11:58:21 EDT

The August BCG Newsletter is here! This month's highlights include "CFPB Fines U.S. Bank $37.5 Million for Sham Accounts, "CFPB Releases Spring 2022 Rule List," "NCUA Increases Asset Threshold for Determining Appropriate Supervisory Office" and "FDIC Supervisory Insights Addresses CRE Concentration Risk".

August OD BCG Webinar

Thu, 11 Aug 2022 16:57:42 EDT

With advancements in technology and increasing customer demand, more and more financial institutions are seeking secure methods to enable customers to open deposit accounts without actually visiting a local branch. The emergence of e-signatures and digital signatures has made the prospect of opening accounts remotely a more attractive prospect, at least for existing customers. However, due to the complexities of digital signature technology, it is imperative that financial institutions understand this area thoroughly and engage in careful planning before deploying online account opening services. Join us for this Webinar as we discuss the need to implement a process to enable customers to open deposit accounts remotely while at the same time ensuring that the electronic communications, contracts and electronic signatures are legally binding and enforceable. We will also cover various legal requirements, including the E-SIGN Act, the California Uniform Electronic Transactions Act, known as Cal ETA, and the MOBILE Act.

August BCG Webinar

Thu, 11 Aug 2022 15:42:02 EDT

The Fair Credit Reporting Act principally regulates consumer reports (often called "credit reports") and consumer reporting agencies (credit bureaus) but also regulates financial institutions that use credit reports and furnish information to credit bureaus. The main question financial institutions used to have about FCRA was "when can we pull somebody's credit report"? While still relevant, this question has recently been surpassed by concerns about the accuracy of information institutions furnish (report) to credit bureaus. State and federal laws require that the information be "accurate" but what does that mean? (Yes, there's a regulation on point.) A related question is how to respond to a consumer's dispute of information your institution reported. Can you just delete it and forget about it, or must you try to correct it? We will discuss all of this at our August 2022 Webinar. There will be plenty of hypotheticals to illustrate the rules and time for questions and answers.

October BCG Seminar - Bank Secrecy Act Compliance

Mon, 08 Aug 2022 14:09:22 EDT

Aldrich & Bonnefin is pleased to invite you to attend our full-day Bank Secrecy Act Compliance Seminar. Money laundering schemes continue to evolve making it increasingly more difficult to effectively manage BSA risk. As a direct result, state and federal regulatory agencies are continuing to scrutinize financial institutions in their efforts to comply with the Bank Secrecy Act and otherwise combat money laundering and financing of terrorism. Our discussion will begin with examining the requirements of the CIP and beneficial ownership rules, including the impact of the numerous FAQs and related guidance FinCEN has issued. We will also cover in detail customer due diligence (CDD) expectations with a focus on providing services to high-risk customers, including the difficulties in providing services to marijuana- and hemp-related businesses. Finally, we will discuss other BSA developments, including the recently released joint statement from FinCEN and the federal regulatory agencies on using a risk-based approach to assess customer relationships and conduct CDD.

October BCG Seminar - Bank Secrecy Act Compliance

Thu, 04 Aug 2022 15:52:19 EDT

August BCG Monthly Telephone Breifing

Tue, 02 Aug 2022 14:11:42 EDT

August's BCG Monthly Telephone Briefing will be on Friday, August 19, 2022 form 10:00 - 1:30 p.m. This months topics will be "Fair Banking" and "Pushing LIBOR Out the Door: The Adjustable Interest Rate (LIBOR) Act"

July 2022 Newsletter

Fri, 08 Jul 2022 15:56:24 EDT

The July BCG Newsletter is here! This months highlights include "Eleventh Circuit Holds TILA-Required Mortgage Statements May Constitute FDCPA Debt Collection Communications", "FinCEN Issues Statement Regarding Due Diligence Requirements for Independent ATM Owners or Operators", "ARRC Releases Recommendations for Contracts Linked to the USD LIBOR ICE Swap Rate", "FDIC Issues Notice of Proposed Rulemaking on Deposit Insurance Assessments, Amended Deposit Insurance Fund Restoration Plan", and "List of Distressed or Underserved Non-MSA Middle-Income Geographies Updated"

SEPTEMBER BCG Seminar - Commercial Lending in Troubled Times

Fri, 08 Jul 2022 15:35:44 EDT

July BCG Monthly Telephone Breifing

Wed, 06 Jul 2022 14:53:41 EDT

July's BCG monthly telephone briefing will be on Friday, July 15th, 2022 from 12:00 - 1:30 p.m. This month's topics will be on "California Privacy Rights Act of 2020: First Draft of Regulations Released" We hope you will join us for the briefing and the Q&A immediately following.

August BCG Webinar

Thu, 23 Jun 2022 14:16:51 EDT

Letters of Credit in an Uncertain World

Tue, 21 Jun 2022 11:56:42 EDT

The recent disruption in international commerce and increased trade disputes have resulted in an increase in the need for standby and commercial letters of credit. The COVID-19 pandemic and other recent world events have increased the likelihood that demands on letters of credit will be made, which in turn will put renewed focus on issues related to issuing letters of credit and negotiating letters of credit, including the examination of documents. Aldrich & Bonnefin, PLC is pleased to invite youto attend our Seminar on Letters of Credit in an Uncertain World. During this Seminar, we will start with a discussion of regulatory issues impacting letters of credit, including regulators' expectations, BSA and OFAC due diligence requirements, and issues related to the recent sanctions imposed on Russia and related parties. We'll then cover the basics of letters of credit and the rules that govern letters of credit, followed by more focused discussions on standby and commercial letters of credit.

Letters of Credit in an Uncertain World

Tue, 21 Jun 2022 11:52:21 EDT

Bankruptcy and Receivership of Depositor

Thu, 16 Jun 2022 14:20:46 EDT

Given today's economic environment, a basic understanding of bankruptcy and receivership law may become a critical element in managing existing deposit and share accounts. Familiarity with the general procedures for filing and prosecuting a bankruptcy petition will help institutions deal with a bankruptcy trustee and otherwise in responding to a notice of bankruptcy affecting an institution's depositor. Similar to a bankruptcy setting, financial institutions are often forced to work with court-appointed receivers. A receiver may be appointed to manage a business entity's operations while a lawsuit winds its way through the courts. When a receiver approaches a financial institution and claims the right to take control of an account held at the institution, the institution will need to understand whether the receiver has such authority. In the event of either a bankruptcy or receivership, what rights does the account holder have to access the account? Should the institution continue to honor items presented for payment? Does a bankruptcy trustee or a receiver have the right to take control over an account? Join us at this month's telephone briefing as we discuss relevant statutory requirements that should be considered when an account holder becomes the subject of a bankruptcy or receivership proceeding.

Regulatory Compliance Training for Loan Originators

Wed, 15 Jun 2022 16:04:14 EDT

Under rules that became effective in 2014, all "loan originators" of dwelling-secured credit must receive training on state and federal laws applicable to their job duties. This requirement appears as part of the loan originator qualification requirements in Regulation Z. It applies to all residential mortgage loan originators, both employees and third-party mortgage brokers. The training requirements apply to a loan originator regardless of whether he or she meets the definition of a "mortgage loan originator" under the SAFE Act. Under Regulation Z, the term "loan originator" is defined broadly and includes any employee who takes an application for a residential mortgage or offers, arranges or assists a consumer in obtaining or applying for a dwelling-secured, closed-end loan. The rule is limited to closed-end mortgages; home equity lines of credit are not covered. This two-hour Webinar will provide training that is relevant to all loan originators and will help fulfill their training requirements under Regulation Z. Under Regulation Z, training must cover both federal and state law that apply to the LO's job responsibilities. This Webinar will cover both federal and state law.

CRA Interagency Proposed Rule Issued

Tue, 14 Jun 2022 11:54:50 EDT

In a long-awaited move, on May 5, 2022, the FDIC, OCC, and FRB issued a joint Notice of Proposed Rulemaking (NPR) to revamp their Community Reinvestment Act (CRA) regulations. In the 27 years since the CRA regulations were last revised in any significant fashion, there have been dramatic changes in technology, interstate banking, online banking, and communities' lending and investment needs, but with no corresponding updates to the regulations. So it is about time the agencies took their responsibilities seriously and addressed the out-of-date regulations.

Truth in Lending Act & Regulation Z

Fri, 10 Jun 2022 13:15:38 EDT

The most troublesome areas of the Truth in Lending Act (TILA) and Regulation Z can come from rules that have not changed in decades. Those rules include Regulation Z's coverage and exemptions, and the rules concerning finance charges, home equity lines of credit (HELOCs) and a consumer's right of rescission. For this reason, during the August 2021 BCG Seminar, we will focus on these foundational rules. To keep you up to date, we will also discuss recent developments that pertain to TILA and Regulation Z.

Truth in Lending Act & Regulation Z

Fri, 10 Jun 2022 12:59:19 EDT

June 2022 Newsletter

Fri, 10 Jun 2022 12:05:26 EDT

The June BCG Newsletter is here! This month's highlights include "Agencies Publish Final Flood Insurance Q&As," "California Privacy Protection Agency: CPRA Rulemaking Update," "California State Courts Declare that Both Board Diversity Statutes Violate the Equal Protection Clause of the State Constitution"

Monthly Telephone Breifing

Tue, 07 Jun 2022 16:54:20 EDT

The June BCG Monthly Telephone Briefing will be on Friday, Juen 17, 2022 from 12:00 - 1:30 p.m. This month's topics will be "CRA Interagency Proposed Rule Issued." We hope you will join us for the Briefing and the Q&A immediately following.

Two-Part Webinar on the Final Flood Insurance Q&As

Thu, 26 May 2022 18:11:41 EDT

Doing Business with Family Trusts

Thu, 26 May 2022 14:34:47 EDT

Today more than ever, people are creating family trusts to potentially avoid the time, cost and complications associated with going through probate. In fact, family trusts are no longer the province of the wealthy and have become commonplace amongst everyday families. As a result, financial institutions face more and more questions on how to deal with trusts and trustees. To make matters more difficult, the trusts themselves are becoming increasingly complicated, especially when the death of a trustor triggers a split of the trust into multiple trusts. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. Join us for this Webinar as we discuss trusts in great detail and help address the issues associated with providing financial services to trusts in both the lending and bank operations contexts. As with all of our Webinars, registrants will be able to download a detailed discussion outline to refer to during the program.

ANOTHER DAY, ANOTHER DISASTER: AGENCIES ISSUE FINAL FLOOD INSURANCE Q&AS

Thu, 19 May 2022 17:32:55 EDT

Congress designed the National Flood Insurance Act of 1968 to provide adequate amounts of federally subsidized flood insurance to owners of improved real property located in designated special flood hazard areas in communities that participate in the National Flood Insurance Program (NFIP). The purpose of the NFIP is to provide an alternative to the federal disaster relief funds normally required in order to restore flooded areas. Federal Emergency Management Agency (FEMA) administers the NFIP. Because participation in the NFIP was originally voluntary, relatively few property owners in eligible communities who sustained flood damage purchased flood insurance. As a result, Congress got creative. Congress enacted the Flood Disaster Protection Act of 1973 (FDPA) (42 USC 4001-4129), which, for the first time, mandated that lenders require flood insurance coverage for many at-risk properties. However, there was still a low level of participation in the NFIP. For this reason, Congress passed the National Flood Insurance Reform Act in 1994, which added the new escrow and force-placement provisions, among others.

Flood Insurance Regulations: Deep Dive into the Basics

Wed, 18 May 2022 12:43:29 EDT

What lenders most commonly trip on (and examiners impose civil money penalties for) are the flood insurance regulations basics. During this two-hour Webinar, we will do a deep dive into those basics, as well as discuss the most-pressing issues in connection with the mandatory purchase requirements (including contents coverage) and private flood insurance. It'll be a Webinar mortgage and commercial real estate lenders shouldn't miss!

May Monthly Telephone Briefing

Fri, 13 May 2022 14:05:17 EDT

The May BCG Monthly Telephone Briefing will be on May 20, 2022, from 12 - 1:30 p.m. This month's topics will be "Another Day, Another Disaster: Agencies Issue Final Flood Insurance Q&As" We hope you will join us for the Briefing and the Q&A immediately following.

May 2022 Newsletter

Fri, 13 May 2022 11:55:04 EDT

The May BCG Newsletter is here! This month's highlights include "CFPB Publishes Spring 2022 Supervisory Highlights," "Recent Developments in Overdraft Services," "Good News for CECL Adopters Federal Regulators Propose to Update their Rules of Practice and Procedure," and "Joint CRA Proposed Rule Issued."

Doing Business with Family Trusts

Thu, 05 May 2022 18:30:04 EDT

Regulatory Compliance Training for Loan Originators

Thu, 05 May 2022 18:03:05 EDT

General Banking Operations

Tue, 03 May 2022 17:34:18 EDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a Seminar addressing operations compliance. We will discuss a number of important banking operations compliance areas. The presentation will include issues and processes triggered when an institution is notified of an account holder's death. This death of depositor discussion will include small estate processes, as well as estates subject to probate. We will highlight a recent change to the dollar threshold applicable to small estate affidavits. A review of vendor management program essentials will be presented, including due diligence in selecting, contracting, and monitoring these relationships. Our discussion will address specific vendor issues, such as model risk management, privacy compliance, new cyberincident reporting obligations, and proposed joint guidance on risk management of third-party relationships. We will also cover powers of attorney, including content requirements and related risks (general, durable, statutory, and trustee scenarios). Lastly, we will address recent operations "hot topics," such as re-presented transaction fees, overdraft regulatory scrutiny, and heightened focus on Regulation E error resolution mistakes.

Regulatory Compliance for Commercial Lenders

Fri, 29 Apr 2022 12:38:33 EDT

Commercial lending continues to be subjected to ever greater regulation, and commercial lenders need a working knowledge of the applicable regulations. Contrary to popular belief, commercial loans are subject to many of the so-called "consumer" regulations, as well as non-consumer regulations, such as the flood insurance rules and Regulation B. The Webinar will focus specifically on regulatory compliance, including Regulation B and other "consumer" regulations, as they apply to commercial loans. In particular the Webinar will provide a deep dive into the flood insurance regulations as they apply to commercial loans and commercial properties.

California's Unclaimed Property Law Compliance Requirements

Thu, 28 Apr 2022 12:51:51 EDT

The California Unclaimed Property Law, Code of Civil Procedure Section 1500 et seq., requires financial institutions to escheat property to the state after a specified period of inactivity by the owner of the property. The Unclaimed Property Law (UPL) specifies conditions that must be met before property will escheat, as well as notification, reporting, and remittance procedures. The State Controller's Office (SCO) is charged with adopting regulations to implement the provisions of the Unclaimed Property Law. The State Controller's regulations are found at Title 2, Division 2, Chapter 2, Subchapter 8, commencing with Section 1150 of the California Code of Regulations. References in this Handout to the "Holder Handbook" refer to the State of California Unclaimed Property Holder Handbook (July 2019). The discussion in this Handout focuses on the UPL as it relates to property generally held by California financial institutions (i.e., "holders," in the language of the UPL) for their depositors (i.e., "owners," in the language of the UPL). References to "Section" throughout this discussion refer to sections of the CCP unless noted otherwise.

California's Unclaimed Property Law Compliance Requirements

Thu, 14 Apr 2022 14:20:05 EDT

COVID-19 Affected Tenant Eviction Protections Extended through June 30

Tue, 12 Apr 2022 14:35:42 EDT

On March 31, 2022, Acting California Governor Eleni Kounalakis signed Assembly Bill (AB 2179) into law, which: (i) extends statewide eviction protections for tenants who have applied for the state-administered Emergency Rental Assistance Program (ERAP) but their applications have not yet been processed; and (ii) preempts certain local government eviction ordinances.

April 2022 Newsletter

Fri, 08 Apr 2022 11:50:21 EDT

The April BCG Newsletter is here! This month's highlights include "March's Omnibus Legislation Includes Laws Affecting Banks and Credit Unions," "Pattern or Practice for Flood Insurance CMPs," "Cyber Incident Reporting for Critical Infrastructure Act of 2022," "California Grants More Emergency Powers to Corporations that were Effective March 25 and Expire June 30," "NCUA's CAMELS Final Rule Effective April 1; Details and FAQs Issued," and "Significant Amendments Adopted Under SB 1176"

California's Unclaimed Property Law Compliance Requirements

Thu, 07 Apr 2022 18:13:46 EDT

The California Unclaimed Property Law requires financial institutions to escheat property to the state after a specified period of inactivity by the owner of the property. The Unclaimed Property Law (UPL) specifies conditions that must be met before property will escheat, as well as imposing notification, reporting and remittance requirements. Our discussion will focus on the California UPL as it relates to property generally held by financial institutions for their deposit account customers, including contents of safe deposit boxes, cashier's checks, and money orders.

Letters of Credit in an Uncertain World

Thu, 07 Apr 2022 18:12:05 EDT

The recent disruption in international commerce and increased trade disputes have resulted in an increase in the need for standby and commercial letters of credit. The COVID-19 pandemic and other recent world events have increased the likelihood that demands on letters of credit will be made, which in turn will put renewed focus on issues related to issuing letters of credit and negotiating letters of credit, including the examination of documents. Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on Letters of Credit in an Uncertain World. During this Seminar, we will start with a discussion of regulatory issues impacting letters of credit, including regulators' expectations, BSA and OFAC due diligence requirements, and issues related to the recent sanctions imposed on Russia and related parties. We'll then cover the basics of letters of credit and the rules that govern letters of credit, followed by more focused discussions on standby and commercial letters of credit.

Flood Insurance Regulations: Deep Dive into The Basics

Tue, 05 Apr 2022 17:58:49 EDT

What lenders most commonly trip on (and examiners' impose civil money penalties for) are the flood insurance regulations' basics. During this two-hour Webinar, we will do a deep dive into those basics, as well as discuss the most-pressing issues in connection with the mandatory purchase requirements (including contents coverage) and private flood insurance. It'll be a Webinar mortgage and commercial real estate lenders shouldn't miss!

Regulatory Compliance for Commercial Lenders

Tue, 05 Apr 2022 17:57:15 EDT

Mortgage Lending Compliance

Fri, 01 Apr 2022 15:33:33 EDT

Roughly over the past two years, COVID-related forbearance requests have been one of the forefront challenges for mortgage lenders. With those requests becoming a thing of the past (one hopes), mortgage lenders are back to the ongoing challenge of staying up-to-date with all of the mortgage lending regulatory developments. Over the past year, there have been a somewhat daunting number of changes and updates in connection with various California and federal laws, such as fair lending, fair appraisals and transitioning from LIBOR. Sign up for BCG's Mortgage Lending Seminar and get up-to-speed on those changes. It is also time for a refresher on some of mortgage lending compliance basics - HMDA (who's covered and what are some of the common violations), TRID and the flood insurance regulations. Since the basics often contain the most compliance traps, these refreshers are not only helpful for anyone who is new to mortgage lending, but the most seasoned compliance professionals as well. It will be an information-loaded seminar anyone in the mortgage lending field will not want to miss.

RECENT DEVELOPMENTS IN OVERDRAFT SERVICES

Thu, 17 Mar 2022 17:49:07 EDT

In recent months, the CFPB has made reference to overdraft services in a number of issuances. In more than one of these issuances, the CFPB indicated it would be enhancing its supervisory approach and enforcement scrutiny of institutional overdraft practices. Concurrently, several large financial institutions recently announced revisions to their overdraft and NSF fee structures and policies, including in some instances the reduction or elimination of overdraft or NSF fees. With these major announcements come questions as to how smaller financial institutions offering overdraft services might be impacted, including with regard to both compliance and litigation risk. During this presentation, we will discuss recent regulatory and case law developments as well as what appears to be on the horizon for the future of overdraft services

Important Update - NFIP Extended through September 30 2022

Tue, 15 Mar 2022 19:17:49 EDT

Just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed an omnibus bill, H.R. 2471, the "Consolidated Appropriations Act, 2022" which extends the NFIP through September 30, 2022. Without this law, the NFIP was set to expire on March 15, 2022 at 11:59 p.m.

Social Media, Endorsements and Native Advertisements: Weighing Opportunities and Risks

Mon, 14 Mar 2022 18:25:05 EDT

Financial institutions are increasingly turning to social media for marketing and information distribution purposes. Although social media is an influential tool in generating new business and interacting with customers, the use of social media may impact a financial institution's risk profile. We will cover the FFIEC Social Media: Consumer Compliance Risk Management Guidance, as well as discuss helpful tips and compliance reminders applicable to social media activities. Endorsements are another tool often used by financial institutions, whether as part of their social media footprint, or even in other means of advertising. We will look at the legal risks associated with these tools and discuss recommended practices for their successful use. Native advertisements are often indistinguishable from news, feature articles, or product reviews. As a result, the effect of these ads may mask the signals consumers customarily have relied upon to recognize an advertisement or promotional message. We will look carefully at the prior federal regulatory guidance and discuss the pros and cons associated with this medium of advertising.

NFIP Extended through March 15, 2022

Fri, 11 Mar 2022 19:39:56 EST

Just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed H.J. Res. 75 which only extends the federal government until March 15, 2022. Without this resolution, the NFIP was set to expire on March 11, 2022 at 11:59 p.m.

Monthly Telephone Briefing

Fri, 11 Mar 2022 11:37:10 EST

The March BCG Monthly Telephone Briefing will be on March 18, 2022, from 12:00 - 1:30 p.m.. This month's topics will be "Recent Developments in Overdraft Services". We hope you will join us for the Briefing and the Q&A immediately following.

March 2022 Newsletter

Fri, 11 Mar 2022 11:20:06 EST

The March BCG Newsletter is here! This month's highlights include: "NFIP Extension News," "Looking Ahead to the CPRA's Effective Date - Will You Be Ready?," "Federal District Court Upholds Both Valid When Made Interest Rate Rules (VWM Rules)," "NCUA Extends the Reinstated 2020 COVID-19 Interim Final Rule Until Next Year," and "OCC Answers FAQs About its Final Rule Rescinding its Rogue 2020 CRA Final Rule".

Documenting New Deposit Accounts

Wed, 09 Mar 2022 12:01:19 EST

Financial institutions have an obligation to properly identify and document new deposit account customers. Customer Identification Program (CIP) and Beneficial Ownership Certification requirements under the Bank Secrecy Act impose specific regulatory requirements for identifying and documenting new deposit customers. IRS information reporting for interest-bearing accounts also triggers the need for W-9 or W-8 certifications. It is important from a compliance and legal risk perspective to properly document your customer and to understand who is authorized to act on their behalf. Please join us as we discuss account documentation in a way that will help you understand the institution's regulatory requirements and better position the institution from a risk perspective. This Webinar will be a helpful learning experience for both seasoned and less-experienced new accounts personnel.

Legal Processes

Tue, 08 Mar 2022 15:01:41 EST

Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on Legal Processes. The program will focus on levies and subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include the fundamentals of processing a levy and the important principles for determining whether a business or personal account is subject to levy. We will also cover some of the more common automatic exemptions that may apply depending on the customer's account and the particular levy. In addition to levies and executions, we will discuss requests for customers' financial records pursuant to civil subpoenas as well as government requests under the California and Federal Right to Financial Privacy laws. This Seminar is intended to be of benefit to individuals with all levels of experience.

Notices of Adverse Action: When to Send Them & What to Say

Tue, 01 Mar 2022 15:11:51 EST

Notices of adverse action remain a constant thorn in the side of lenders and their compliance managers. Issues arise as to the required timing of adverse action notices as well as the required contents. Complicating matters, most adverse action notices need to fulfill the requirements of two separate but related laws, ECOA/Regulation B and the Fair Credit Reporting Act (FCRA). Finally, regulators tend to treat adverse action notices as the critical leading edge of an institution's overall ECOA and fair lending compliance program. In short, adverse action notices receive (and merit) a lot of attention. In this fast-paced webinar, we will discuss the required timing and contents of adverse action notices under Regulation B and the FCRA. The main focus will be on applications for credit, both consumer and business, although we will discuss non-credit adverse action notices as well.

CFPB Revises Regulation Z to Facilitate LIBOR Transition

Thu, 17 Feb 2022 17:24:17 EST

So that creditors may not change indices (and, thus, interest rates) to their hearts' content, Regulation Z limits the circumstances in which creditors may do so in connection with consumer loans and lines of credit. Those limitations are rather rigid and make transitioning from LIBOR quite challenging. As LIBOR sets to sail in June 2023, and creditors begin to transition their products to a new index, the CFPB has issued a new final rule to add the flexibility creditors need to transition from LIBOR starting April 1, 2022.

FDIC Final Rule Simplifying Deposit Insurance for Trust and Mortgage Servicing Accounts

Thu, 17 Feb 2022 17:22:51 EST

On January 21, 2022, the Federal Deposit Insurance Corporation (FDIC) issued a final rule intended to simplify certain aspects of the agency's deposit insurance coverage rules. The final rule applies to deposits held in connection with certain trust and mortgage servicing accounts. More specifically, the final rule will update the FDIC's insurance coverage for revocable and irrevocable trusts by merging these two deposit insurance categories, thereby making the trust rules consistent and easier to understand for bankers and depositors. For mortgage servicing accounts, the FDIC will allow principal and interest funds that are advanced by mortgage servicers for delinquent borrowers to be included in the deposit insurance calculation. The goal of the amended rule is to apply a simpler calculation to determine coverage and ultimately facilitate prompter payment of deposit insurance by the FDIC in the event of an insured depository institution's failure. While the final rule does not go into effect until April 1, 2024, it does give further insight into the FDIC's current treatment of trust and mortgage servicing accounts.

February 2022 Newsletter

Fri, 11 Feb 2022 12:50:46 EST

The February 2022 Newsletter is here! This month's highlights include "CFPB's Recent Actions May Shed Light on New Director's Priorities," "FDIC Amends Deposit Insurance Regulations for Trust and Mortgage Servicing Accounts Effective April 1, 2024," "CSBS Withdraws Challenge to OCC's Pending FinTech Charter," "New SBA Procedural Notice on SBA's Review of Partially Forgiven PPP Loans" and "NCUA Announces Its 2022 Supervisory Priorities".

Mortgage Lending Compliance

Wed, 09 Feb 2022 13:09:36 EST

Notices of Adverse Action: When to Send Them & What to Say

Tue, 08 Feb 2022 17:44:20 EST

FDIC Deposit Insurance Rules: Complete Overview and Latest Updates

Fri, 04 Feb 2022 14:32:56 EST

This presentation will provide a complete overview of the FDIC's deposit insurance rules. We will explain the different account "ownership categories," including those which apply to personal accounts, fiduciary accounts and business accounts. Pass-through deposit insurance requirements and practical insights will be discussed. Use of the FDIC's "advertising statement" will also be addressed, including carve-outs and requirements for promotions involving non-deposit investment products. We will also outline the "sweep" disclosure requirements, intended to advise clients when certain cash management sweep transactions are no longer FDIC insured and how the FDIC will treat the funds in the event of bank failure. Importantly, our discussion will include the FDIC's rule changes that go into effect April 1, 2024. The goal of the rule changes is to simplify deposit insurance coverage for revocable and irrevocable trusts. The FDIC's FAQs will be highlighted and several account examples will be discussed to understand the proper insurance calculations.

2021 - 2022 California Legislation Updates

Tue, 01 Feb 2022 17:26:01 EST

This Handout summarizes 18 bills enacted in 2021 by the California Legislature that will (or may) impact financial institutions in one way or another. The summary of each bill includes its effective date and a brief description of its potential impact on financial institutions. BCG members should note that these descriptions are summaries only and do not necessarily cover every detail contained in each bill or proposition. In determining the impact that a bill may have and how best to implement its provisions, readers are strongly encouraged to read the actual text of the bill. The text of the bills may be found on the California Legislature's website at https://leginfo.legislature.ca.gov/.

Lotteries, Sweepstakes and Other Deposit Promotions

Tue, 01 Feb 2022 11:51:12 EST

This comprehensive webinar will cover various forms of deposit promotions, including lotteries and sweepstakes, and their compliance considerations. California makes it easier for financial institutions to offer lottery promotions in connection with savings accounts. We will discuss lotteries, both legal and illegal. The presentation will also address pressing questions related to other kinds of promotions. When is an account really "free" and what are the risks associated with these types of promotions? We will take a closer look at the "lessons learned" by other institutions. Privacy and other considerations impacting "refer a friend" promotions will be addressed. The creative and ever-changing programs used to entice CD deposits will be explored as well. We will also review the regulatory compliance expectations, including Regulation DD advertising disclosure requirements and IRS information reporting.

Social Media, Endorsements and Native Advertisements: Weighing Opportunities and Risks

Wed, 26 Jan 2022 18:50:54 EST

January BCG Webinar

Tue, 18 Jan 2022 15:20:11 EST

January 2022 Newsletter

Fri, 14 Jan 2022 12:13:28 EST

The January BCG Newsletter is here! This month's highlights include "CFPB Issues Reg Z LIBOR Transition Final Rule," "Scope of Debt Collection Licensing Act," "FinCEN Issues First Proposed Rule for Beneficial Ownership Reporting under the CTA," "FDIC's Office of Supervisory Appeals (OSA) Replaced SARC Last Month," "IRS Publishes Guidance on the Tax Implications Due to the Transition from LIBOR," and "It's Official. The OCC's Rogue CRA Final Rule is Rescinded and Replaced".

March BCG Seminar - Commercial Real Estate Lending in the Post-Covid Era

Wed, 12 Jan 2022 12:08:00 EST

CRE credit conditions have remained relatively stable despite a sharp downturn in the U.S. economy during the COVID-19 pandemic, according to the most recent FDIC quarterly profile. The FDIC has attributed the resilience of CRE lending to government stimulus, bank forbearance efforts and economic factors. However, the agency identified several risks on the horizon, including the end of stimulus benefits, low loan yields, persistent uncertainty in certain aspects of the CRE market (such as the hospitality industry) and continued pandemic-related stresses. The FDIC has acknowledged that certain sectors of the CRE market may experience lasting changes, particularly the office sector, given the significant change in work habits and reduced demand for office space. These changes in the CRE lending market and associated risks require that lenders revisit best practices in CRE lending to adapt to the new risks presented in their CRE lending portfolios. With these developments in mind, Aldrich & Bonnefin, PLC is pleased to present its Commercial Real Estate Lending Seminar. We will provide an overview of regulatory requirements affecting CRE lending, including more recent developments related to the appraisal regulations, flood insurance regulations and CRE loan concentration issues, and provide an in-depth discussion of title insurance issues. We will also cover certain loan documentation issues, and discuss the one-action and anti-deficiency laws.

February BCG Seminar - Electronic Banking

Tue, 11 Jan 2022 17:28:47 EST

The scope and nature of the electronic banking products and services offered by financial institutions continues to expand as technology advances. With this expansion comes significant risks and responsibilities. In this full-day Seminar, we will address various rules and regulations relating to consumer funds transfers, such as Regulation E liability limitations and the error resolution process and related issues. For commercial funds transfers, we will cover the various rights and responsibilities of both originating and beneficiary financial institutions when it comes to fraudulent wires as well as wires sent in error. This session will also include a discussion on the federal reserve banks' upcoming real-time payment service known as FedNow. On the ACH front, the program will focus on the risks to an originating depository financial institution (ODFI) due to warranty obligations and to a receiving depository financial institution (RDFI) in the form of unauthorized ACH transactions. We will also discuss recent NACHA rule updates, such as NACHA's "Meaningful Modernization" and ACH same-day settlement rules.

January Monthly Telephone Briefing

Tue, 11 Jan 2022 14:11:54 EST

The January BCG Monthly Telephone Briefing will be on January 21, 2021, from 12 - 1:30 p.m. This month's topics will be "Banking Agencies Issue New Breach Notification Requirements " We hope you will join us for the Briefing and the Q&A immediately following.

December 2021 Newsletter

Fri, 10 Dec 2021 11:11:54 EST

The December BCG Newsletter is here! This month's highlights include "NFIP Extended Through February 18, 2022," "FFIEC Publishes Updates to BSA/AML Examination Manual," "OCC Reminds Institutions of Cryptocurrency, Distributed Ledger and Stablecoin Obligations," "ARRC Announces Launch of Refinitiv's USD IBOR Institutional Cash Fallbacks," "NCUA Adopts Final Rule Amending Service Facility Definition," and "CFPB Issues FAQs Addressing HMDA and Loan Thresholds".

Monthly Telephone Briefing

Thu, 09 Dec 2021 18:24:09 EST

The December BCG Monthly Telephone Briefing will be on December 17, 2021, from 12 - 1:30 p.m. This month's topics will be "2021-2022 California Legislation Update" We hope you will join us for the Briefing and the Q&A immediately following.

NFIP Extended Through February 18, 2022

Mon, 06 Dec 2021 19:16:44 EST

Last week, just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed the "Further Extending Government Funding Act" (H.R. 6119) that, among other things, extended the NFIP for a little more than two months from the date authorized, to February 18, 2022.

January 2022 BCG Seminar - Consumer Lending Compliance

Mon, 22 Nov 2021 17:48:54 EST

BCG's Consumer Lending Compliance Seminar focuses on the many federal and state compliance laws and regulations that govern the steps in the life of a consumer loan including: receiving and processing an application; loan closing; servicing; and making subsequent changes. Special attention will be given to current regulatory compliance developments. Please note that this Seminar will not cover basic consumer lending documentation, but rather will be a survey of federal and state compliance laws and regulations affecting consumer (non-real-estate-secured) lending.

November 2021 Newsletter

Fri, 12 Nov 2021 12:21:36 EST

The November BCG Newsletter is here! This month's highlights include "DFPI Issues Updated Fair Lending Notice," "Consumer Finance Q&A: Lender as Loss Payee on Condo Association's Flood Insurance Policy," "IRS Issues New W-8BEN and W-8BEN-E Forms," "FDIC Amends Interagency Real Estate Lending Policy Guidelines," "Federal and State Financial Regulators Issue "Joint Statement on Managing the LIBOR Transition"," "NCUA Publishes Final CAMELS Rule" and "OCC Publishes FAQs for CRA Proposal".

December BCG Webinar

Fri, 12 Nov 2021 11:38:41 EST

On December 16, 2021, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2022. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

November BCG On-Demand Webinar

Thu, 11 Nov 2021 17:59:46 EST

This Webinar will provide a comprehensive discussion of the rules under Regulations O and W and other laws governing loans to executive officers, directors, and principal shareholders of financial institutions and their related interests, as well as affiliate transactions. The program will cover the following topics: The parties covered by the rules Extensions of credit defined General prohibitions, including: Terms and creditworthiness Prior approval Special lending limits Loans to insiders of affiliates Overdrafts of insiders Loans to credit union officials Additional restrictions on loans to executive officers Transactions with affiliates We will also discuss related issues regarding the indebtedness of executive officers and directors of registered companies, such as bank holding companies. Additionally, we will address restrictions on loans to federal and state credit union officials and senior management. Don't miss this important discussion of a hot topic in regulatory exams!

December BCG Webinar

Thu, 11 Nov 2021 11:39:39 EST

While powers of attorney are not supposed to be overly complicated, it can be difficult for a financial institution to determine whether to accept any given power of attorney. To make things worse, many powers of attorney are not clearly drafted which then raises concerns over whether an attorney-in-fact is authorized to access the principal's financial accounts. What are the rights of financial institutions when it comes to relying on a power of attorney? Can an institution accept a copy of a power of attorney if the original is not available? What if there are concerns over whether the principal is incapacitated, yet the power of attorney is not durable? How is the principal's incapacitation even determined? What if there are multiple attorneys-in-fact or multiple powers of attorney? Join us at this Webinar as we answer these and other questions. As part of our discussion, we will also consider the protections afforded a financial institution when accepting a power of attorney that is covered by the California Power of Attorney Law.

BCG On-Demand - Letters of Credit Revisited

Thu, 04 Nov 2021 15:33:40 EDT

Globalization of commerce and increased trade has resulted in an increase in the need for standby and commercial letters of credit. The COVID-19 virus and other recent world events have also increased the likelihood that demands on letters of credit may be made, which in turn puts renewed focus on issues related to issuing letters of credit and negotiating letters of credit. Aldrich & Bonnefin is pleased to invite you, your commercial lending staff and your international banking personnel to attend our Webinar on Letters of Credit. In this Webinar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on regulatory issues and document examination issues relating to standby and commercial letters of credit.

November BCG Monthly Telephone Briefing

Tue, 02 Nov 2021 12:55:15 EDT

The November BCG Monthly Telephone Briefing will be on November 19, 2021, from 12:00 - 1:30 p.m. This month's topics will be "New FFIEC 2021 Guidance: Authentication and Access to Financial Institution Services and Systems" and "Federal Guide for Community Banks: Conducting Due Diligence on Fintech Companies". We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - DFPI Issues Updated Fair Lending Notice

Tue, 12 Oct 2021 17:44:22 EDT

The California Holden Act prohibits redlining and other discriminatory practices. California Health & Safety Code Section 35800 et seq. and 21 California Code of Regulations (CCR) 7100 et seq. In addition, the Holden Act requires lenders to provide a Fair Lending Notice when an applicant submits a written application for housing financial assistance.

October 2021 Newsletter

Fri, 08 Oct 2021 11:21:21 EDT

The October BCG Newsletter is here! This month's highlights include "NFIP Extended Through December 3, 2021," "Two Percent Interest on Impounded Insurance Proceeds," "Fed Publishes Paper on FinTech Partnerships; NCUA Extends Comment Period for Digital Assets RFI," "Federal, State and County Vaccination and Mask Rules - as of Now" "SBA Issues Final Rule for Borrower Appeals of Final SBA PPP Loan Review Decisions," "How OCC's June 2020 CRA Rule Remains Effective until its Replacement Becomes Effective."

3 6TH A N N UA L B CG MANAGEME N T & D I R ECTOR S S EMI NAR

Wed, 06 Oct 2021 13:55:24 EDT

Keynote Speaker: Kathy L. Moe, Regional Director Federal Deposit Insurance Corporation Other Speakers: Mark E. Aldrich, Keith R. Forrester, Anne M. McEvilly, Stephanie A. Shea & Joel N. Cook Now featuring a bank director panel discussion: What Bank Directors Need To Know Now Moderator: Mark E. Aldrich Panelists: Craig Carlson, Director, Pacific Western Bank Linda Iannone, Director, Community West Bank Charles D. Kenny, Director, GBC International Bank Additional Topics to be discussed: o Regulatory Landscape Under the New Administration o Bank Director Panel Discussion o Consumer Lending Regulatory Update o Banking Operations & FinTech Hot Topics o Top 10 Risk Management Issues for 2022

October Monthly Telephone Briefing

Mon, 27 Sep 2021 13:30:08 EDT

Dodd-Frank Act Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to compile, report and maintain specified information regarding certain women-owned, minority-owned, or small business loan applicants, in accordance with regulations to be issued by the CFPB. After a long wait, on September 1, 2021, the CFPB finally issued its proposal to implement Section 1071. The proposed rule would broadly apply to financial institutions that originate at least 25 credit transactions in each year of the preceding two calendar years that result from covered applications. The CFPB is not proposing an exemption based on an institution's asset threshold (which the industry was desperately hoping the agency would do). Due to the proposal's broad scope of coverage, many commercial lenders may be finding themselves in a whole, new world of HMDA-like data collection. During BCG's October 2021 Monthly Telephone Briefing we will elaborate on which lenders would be covered, and discuss what loans would trigger the data collection requirements and what those requirements entail under the proposal. Once the CFPB issues a final rule, the compliance period is pretty tight, especially for creditors that are not used to data collection requirements - 18 months following the final rule's publication date. Thus, creditors may want to start wrapping their minds around this rule now, even though it is only a proposal, and this Briefing will help those creditors do so.

November BCG Webinar

Mon, 20 Sep 2021 12:59:54 EDT

September Newsletter

Thu, 09 Sep 2021 19:16:39 EDT

The September BCG Newsletter is here! This month's highlights include "U.S. Supreme Court Finally Decides CDC Eviction Moratorium is Unconstitutional; No Change to California's Eviction Moratorium," "White House Issues Executive Order On Access To Banking Data," "SEC Approves NASDAQ Board Diversity Rule in August; Compliance Required in 2022," "ARRC Publishes FAQs on Best Practices Related to Using the SOFR Term Rate."

November Seminar - TRUTH IN LENDING ACT & REGULATION Z

Thu, 09 Sep 2021 13:33:34 EDT

Recently, there have been quite a bit of new Truth in Lending Act (TILA)/Regulation Z developments - the CFPB's supervisory focus, changes to the Ability-to-repay (ATR) rule, changes to Regulation Z's dollar thresholds, implementation of the Regulatory Relief Act, and proposed rule and guidance on transitioning from LIBOR. In this Seminar, we will straighten out this TILA/Regulation Z roller-coaster and get you up-to-date on all of these new developments. With the lending market being ultracompetitive, it is no surprise that creditors are aggressively marketing their credit products. If an advertisement includes what Regulation Z considers to be a "triggering" term, then the creditor must clutter that otherwise beautiful ad with certain disclosures, all of which will we will discuss during this Seminar! In the unfortunate event that a TILA violation does occur, that violation may expose the creditor to liability under TILA. During this Seminar, we will also discuss TILA liability, defenses and corrective action, which allows creditors to cure all liability for TILA violations. Of course, we will do a deep dive into the trickiest part of TILA/Regulation Z - coverage!

October BCG Webinar

Thu, 09 Sep 2021 13:21:53 EDT

Important Update

Fri, 03 Sep 2021 13:56:41 EDT

September BCG Webinar

Thu, 02 Sep 2021 18:13:01 EDT

BCG Webinar

Wed, 01 Sep 2021 18:08:04 EDT

With all the different types of business entities, lenders have challenges in properly identifying their borrowers and understanding their legal structures. Customer Identification Program (CIP) requirements and the Beneficial Ownership Rule impose specific regulatory requirements for identifying borrowers. Failure to properly identify a borrower may not only impair the lender's security interest and put the collectability of the entire loan at risk due to UCC Article 9's requirements, but could also result in a compliance violation. This Webinar will address these issues in a "workshop" format, providing checklists for the types of documents that can be obtained from various types of business entities.

BCG Monthly Telephone Briefing

Tue, 31 Aug 2021 17:47:31 EDT

In 2011, when the CFPB took over consumer financial services rulemaking from a number of agencies, it inherited the FTC's federal Fair Debt Collection Practices Act (FDCPA) regulations. Incorporated into the CFPB's rules as Regulation F, these legacy FDCPA regulations did not give debt collectors much insight on complying with the FDCPA's finer points. As a result, a massive amount of case law has developed through the years, seeking to address the FDCPA's laundry list of interpretive gaps. In late 2020, the CFPB sought to fully close a number of these gaps by issuing two final rules amending Regulation F effective November 30, 2021. Among other things, the new regulations will prohibit various abusive debt collection practices, place a limit on how often a consumer debtor may be called or emailed about a debt, and establishes certain safe harbors for various debt collection communications. Like the FDCPA itself, the CFPB's amendments to Regulation F generally only apply to true thirdparty debt collectors. In California, however, state law requires creditors performing their own debt collection activities to comply with almost all of the federal FDCPA. The net result is that California financial institutions attempting to collect consumer debts on their own behalf will need to comply with many of Regulation F's new provisions as well. This Handout and presentation will provide an overview of the new Regulation F amendments that go into effect November 30, 2021. We will also discuss certain provisions of the California state law that compels financial institutions to comply with the FDCPA and Regulation F.

Important Update

Thu, 19 Aug 2021 14:25:52 EDT

The Bureau recently published a notice in the Federal Register at 86 FR 43999 requesting comment on a "Generic Information Collection" entitled, "Electronic Disclosure on Mobile Devices." The Bureau plans to conduct several studies using methodologies rooted in psychology and behavioral economics to understand electronic disclosure on mobile devices.

Important Update

Tue, 17 Aug 2021 16:50:23 EDT

National banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, "OCC-supervised institutions") must list the OCC's address in their Community Reinvestment Act (CRA) public notice, the Equal Credit Opportunity Act (ECOA) notice within their adverse action notices, and their Fair Housing Act (FHA) poster.

August 2021 Newsletter

Thu, 12 Aug 2021 19:08:46 EDT

The August BCG Newsletter is here! This month's highlights include "CDC and Federal Agencies Extend Eviction Moratorium," "Proposed Interagency Guidance on Third-Party Relationships: Risk Management," "FDIC Proposes Rule to Simplify the Deposit Insurance Coverage Rules," "Application Extension for Emergency Capital Investment Program," "NCUA Lifted the Prohibition on Capitalization of Unpaid Interest Effective July; Issues FAQs in August," "OCC to Propose Rescinding 2020 CRA Rule; Interagency CRA Statement Issued."

October Seminar - New Accounts Documentation & Compliance

Mon, 09 Aug 2021 17:54:39 EDT

Aldrich & Bonnefin invites you and your operations and compliance staffs to attend a Seminar covering New Accounts Documentation and Compliance. Having proper new account policies and procedures can help financial institutions prevent or at least reduce the risk of fraud and other losses, as well as compliance violations. This Seminar will discuss the documents that institutions will want to review during the account opening process for individuals, businesses (such as corporations, partnerships and LLCs) and court-appointed fiduciaries (for example, decedent estates, conservatorships and guardianships). There will also be a detailed discussion covering the opening and maintenance of accounts for family trusts. We will include an overview of best practices for opening accounts for non-resident alien depositors, including a review of IRS Forms W-8. We will also examine recent litigation that has impacted some deposit agreement disclosures, including provisions that address an institution's overdraft practices.

August Monthly Telephone Briefing

Tue, 03 Aug 2021 12:25:22 EDT

For our August Telephone Briefing we are focusing on the requirements for financial institutions that apply when advertising their deposit account products. We will include a discussion of the Truth in Savings Act (Regulation DD) advertising restrictions and disclosures, as well as FDIC and NCUA membership advertising statements. When preparing or reviewing deposit account advertising, an overriding principle is that it must not be misleading or deceptive and, thus, we will discuss what to look for regarding these concerns. This presentation will also include a discussion of how an institution's disclosure obligations are impacted by advertisements in electronic formats, including social media. As always, we will provide a detailed Handout regarding Deposit Account Advertising Compliance. Please join us for this important Telephone Briefing on Friday, August 20, 2021, at 12:00 p.m.

August BCG Webinar

Mon, 02 Aug 2021 11:16:28 EDT

Financial institutions are increasingly outsourcing activities and processes to third parties. It is no surprise that federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the federal regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. We will also address the Proposed Interagency Guidance on Third Party Relationships-Risk Management. As part of the Webinar we will also include a discussion of due diligence and contract negotiation checklists incorporating the various considerations that should be a part of your vendor management program.

July Webinar

Fri, 09 Jul 2021 12:57:01 EDT

In providing ACH origination services as an originating depository financial institution ("ODFI"), one of the primary sources of risk generally comes from the warranties that ODFIs provide to other ACH participants, including that all ACH transactions are properly authorized and that the information in ACH entries is correct. As a receiving depository financial institution ("RDFI"), institutions are exposed to risk in the form of unauthorized ACH transactions, reversing entries, untimely returns and other operational risks. To further complicate matters, effective June 30, 2021 the NACHA Rules were amended to implement new timing limitations on the warranty claims between an ODFI and an RDFI. In particular, a new rule provides for a significantly reduced length of time for an RDFI to make a claim based on the ODFI's authorization warranty. Due to the technical nature and complexity of the NACHA Rules, when processing ACH transactions financial institutions already have significant risk exposure for non-compliance with those rules, including potential fines and penalties. NACHA's expectation is that the new limitations will create more certainty for transaction liability. Join us at this Webinar as we discuss the new warranty limitations and other risk issues in the processing of ACH transactions, whether your institution is acting as an ODFI or an RDFI.

September Seminar - Construction Lending

Thu, 08 Jul 2021 16:55:58 EDT

As the threat of the pandemic begins to recede, the economy is seeing renewed growth including an increase in construction and development activities. As a result, construction lenders must carefully underwrite and structure construction loans in ways that meet their clients' needs while at the same time minimize the potential for losses. Construction lenders must also understand and appreciate the importance of due diligence, appropriate structuring of construction loans, sound credit administration practices, and resolving disputes with the key players in construction projects as quickly and as smoothly as possible. With this in mind, Aldrich & Bonnefin is pleased to invite you, your lending professionals, your note department personnel, compliance professionals and your audit and loan review staff to our Construction Lending Seminar. This Seminar will focus on various due diligence and structuring issues, fund control procedures, financing owner occupied single-family construction projects, and managing mechanic lien risks.

BCG On Demand - Loan Participations Update 2021

Fri, 02 Jul 2021 14:13:12 EDT

Interest in the purchase of participations in commercial loans and also the purchase of whole commercial loans has increased as the pandemic and the related recession has subsided. Smaller institutions see these purchases as a way of growing their commercial loan portfolios, while larger institutions see the sale of participations and whole loans as a way of diversifying their portfolios. Institutions both large and small also may look to participations as a way of dealing with lending limit issues. Whatever the motivation, an institution buying or selling must carefully analyze the loan participation agreement. We will also discuss recent regulatory developments affecting loan participations that lenders should address. Aldrich and Bonnefin is pleased to invite you and your commercial lending staff and audit and documentation staff, to attend our Webinar on Loan Participations and Whole-Loan Purchases. Note that this Webinar will not provide a comprehensive review of the underwriting issues to be considered when selling or buying a loan participation or a whole loan. Rather, we will focus on certain specific regulatory and examination issues regarding loan participations.

Monthly Telephone Briefing

Thu, 01 Jul 2021 19:37:06 EDT

On June 1, 2021, the Federal Reserve Board announced a proposal to amend its Regulation J (12 CFR 210) to govern funds transfers through the federal reserve banks' upcoming FedNow Service. 86 FR 31376. The FedNow Service is a new service that will enable businesses and individuals to send and receive instant payments, with recipients having full access to funds within seconds of the transfer. The proposed rule would establish a new and comprehensive set of rules governing funds transfers over the FedNow Service and set out the legal rights and obligations of the reserve banks and participants that use the FedNow Service. While the FedNow Service is not expected to be available until 2023, financial institutions will need the time to prepare for both the revisions to Regulation J and the FedNow Service. Join us at this telephone briefing as we discuss in detail the proposed amendments to Regulation J as well as the goal of the FedNow Service to enable financial institutions of every size to provide instant payment transfer services in real time, 24 hours a day, 365 days a year. Please join us for this important Telephone Briefing at noon on Friday, July 16.

Important Update

Tue, 29 Jun 2021 15:59:06 EDT

The CFPB issued a final rule on June 28, 2021 that amended the early intervention and loss mitigation requirements in Regulation X's mortgage servicing rules (specifically, Sections 1024.39 and 1024.41). Arguably, the biggest change this final rule makes is its addition of temporary foreclosure limitations that are in effect until January 1, 2022.

Important Update

Mon, 21 Jun 2021 18:38:37 EDT

If a Regulation Z-covered loan is secured by a consumer's principal dwelling and the loan is not a "residential mortgage transaction" (that is, the loan is not a purchase-money loan or an initial construction loan), the loan will be subject to Regulation Z's rescission rules.

Important Update

Thu, 17 Jun 2021 18:03:06 EDT

August Seminar - Bank Secrecy Act Compliance

Fri, 11 Jun 2021 11:37:41 EDT

Aldrich & Bonnefin is pleased to invite you to attend our full-day Bank Secrecy Act Compliance Seminar. As money laundering schemes continue to increase and evolve, it is more important today than ever for financial institutions to ensure proper steps are being taken to combat money laundering and the financing of terrorist activities. We will begin our discussion by examining the requirements of the CIP and beneficial ownership rules, including the impact of the numerous FAQs and related guidance FinCEN has issued. During this Seminar, we will also cover in detail customer due diligence (CDD) expectations with a focus on providing services to high-risk customers, including the difficulties in providing services to marijuana- and hemp-related businesses and businesses involved with convertible virtual currencies. We also will delve into the suspicious activity reporting process, including the impact of a new set of SAR FAQs issued by FinCEN in early 2021. Finally, we will complete our discussion with a review of recent BSA enforcement actions.

July BCG Webinar

Fri, 11 Jun 2021 11:30:07 EDT

For decades the London Interbank Offered Rate (LIBOR) has been a popular reference rate for commercial loans, residential mortgages, derivatives and swaps, as well as other credit instruments. However, due to past abuses in the manipulation and reporting of LIBOR rates, it is expected that LIBOR will soon either no longer be published or will soon become a poor benchmark on which to base interest rates. Therefore, the banking industry is preparing to move away from LIBOR and use alternative indices. Lenders should have already begun to transition legacy loan agreements and other financial contracts to a successor index or indices. Fallback language that is currently found in many loan agreements, promissory notes and other contracts may be insufficient to protect a financial institution from disputes or litigation regarding successor indices. We will discuss the various approaches and contractual language that should be considered. Lenders should also inventory the number and dollar amount of existing contracts that pose these contractual issues and develop a program addressing how to move these contracts to the new preferred indices. In this presentation, we will discuss the strategies and planning around this major effort.

June BCG Webinar

Fri, 11 Jun 2021 11:20:38 EDT

June 2021 Newsletter

Thu, 10 Jun 2021 19:47:23 EDT

The June BCG Newsletter is here! This month's highlights include "A Friendly Reminder to Only Impose Contractually Authorized Fees," "What Qualifies as the Most Recent Installment to Avoid the Pyramiding of Late Changes?," "CFPB Regulation E FAQs," "Congress Expected to Disapprove OCC's True Lender Rule; OCC Will Not Reconsider its Valid When Made Rule," "Fed Extends Reg O Exception for PPP Loans," "NCUA Adopts Final Rule On Derivative Authority for Federal Credit Union," "OCC Reconsiders 2020 CRA Final Rule Except Those Provisions with October 2020 Compliance Date."

June Monthly Telephone Briefing

Tue, 08 Jun 2021 12:11:53 EDT

The June BCG Monthly Telephone Briefing will be on Friday, June, 18, 2021 from 12:00 - 1:30 p.m. This month's topic will be "Overdraft Protection Practices Update (June 2021)." We hope you will join us for the Briefing and the Q&A immediately following.

May 2021 Newsletter

Thu, 13 May 2021 19:10:25 EDT

The May BCG Newsletter is here! This month's highlights include "CFPB Extends Temporary GSE QM; GSEs May Nonetheless Kill It," "Model Risk Management for Bank Systems Supporting BSA/AML Compliance," "May is the Last Month for Borrowers to Apply and June is the Last Month for SBA to Process PPP Loans," "NCUA Restarts 2020 COVID-19 Interim Final Rule."

July Seminar - Your Compliance Management System – Is it Working?

Thu, 13 May 2021 14:28:50 EDT

Aldrich & Bonnefin is pleased to invite your compliance staff, business line managers and executive management of your financial institution to take a fresh look at your Compliance Management System (CMS) and reassess what's working and what's not. This Seminar will focus on structuring an effective, risk-based CMS specifically for financial institutions and implementing the program's objectives. There will be case studies to make the Seminar of immediate practical value to all who attend. With increasing regulatory scrutiny and civil litigation against financial institutions, as well as the need to implement ever-changing regulations, attention must be paid to systems and procedures for compliance with federal and state laws and regulations. Without a structured compliance program, compliance dollars can be wasted and an institution's ability to comply can be dramatically diminished. Without a formal compliance program, an institution is exposed to the risk of liability to shareholders, customers and regulators alike. In contrast, having a strong, well-managed compliance program can mitigate any occasional violations that inevitably occur.

May Monthly Telephone Briefing

Wed, 12 May 2021 18:09:06 EDT

The Truth in Lending Act and Regulation Z give the consumer a right to rescind (cancel) any deed of trust or other type of lien placed on their principal dwelling, other than a purchase-money mortgage, for three business days after consummation of the transaction. This extraordinarily powerful right applies to all refinances, home equity loans and home equity lines of credit secured by any consumer's principal dwelling. Worse, failure to give the correct truth in lending disclosures or rescission notices can cause the rescission period to extend for up to three years. During the May 21 Telephone Briefing we will discuss the right of rescission in some detail. We will cover what types of loans are rescindable, how to count "three" business days, the requirements that must be met in order to get the three-day period to start running, the forms of rescission notices, an the consequences if a loan is actually rescinded. The Monthly Telephone Briefing will allow plenty of time for questions and answers as well. We will address the following issues, among others: What types of credit transactions are rescindable? How long does the rescission period normally last (how to count "three" business days) What disclosures are required on a rescindable transaction (closed-end and open-end)? What are the different notices of right to cancel on closed-end and open-end credit? What happens if the consumer rescinds?

May Webinar

Fri, 07 May 2021 18:15:11 EDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations and compliance personnel to attend a Webinar addressing the procedures for financial institutions to follow upon receiving notice of the death of a customer. This Webinar is designed as a guide for your personnel to use in releasing property and funds the financial institution is holding that belong to a customer at the time of the customer's death. For example, we will address the procedures an institution's personnel should follow with respect to an account or safe deposit box when a customer is reported deceased. The procedures to follow will differ depending on the account structure and the manner of ownership of each particular account.

June Webinar

Wed, 05 May 2021 12:32:01 EDT

Even though Regulation B's commentary recognizes that an applicant's immigration status could have a bearing on the creditor's ability to obtain repayment, citizenship and immigration status discrimination nonetheless expose creditors to liability under both federal and California law. For example, "Dreamers," also known as DACA recipients, have been plaintiffs in at least two recent California class action lawsuits alleging this type of discrimination by creditors. During this Webinar, we will discuss the current prohibited bases under the various federal and California fair lending laws, these two Dreamer cases, and other pressing fair lending compliance issues. Remember that fair lending compliance is a compliance issue that can expose a creditor to examiner criticism, enforcement actions, civil suits and bad press. And more than ever, it has become a customer service issue. To reduce this risk exposure, we encourage you to join us for this Webinar.

May Webinar

Wed, 28 Apr 2021 19:04:49 EDT

Commercial lending continues to be subjected to ever greater regulation, and commercial lenders need a working knowledge of the applicable regulations. Contrary to popular belief, commercial loans are subject to many of the so-called "consumer" regulations, as well as non-consumer regulations, such as the flood insurance rules and Regulation B. BCG designed this Webinar to supplement its June 2021 Seminar which will be on Commercial Lending. The Webinar will focus specifically on regulatory compliance, including Regulation B and other "consumer" regulations, as they apply to commercial loans (a topic only touched on briefly during the June seminar). In particular the Webinar will provide a deep dive into the flood insurance regulations as they apply to commercial loans and commercial properties. There will be three Q&A sessions, so bring those questions.

Important Update

Wed, 21 Apr 2021 18:54:54 EDT

On April 14, 2021, FEMA publicly announced that it could be suspending certain Los Angeles cities' National Flood Insurance Program (NFIP) eligibility on April 21, 2021 because the cities failed to comply with the flood plain management requirements. 86 FR 19580.

Important Update

Wed, 14 Apr 2021 18:18:04 EDT

The CFPB has proposed a moratorium on most residential mortgage foreclosures until January 1, 2022. Specifically, the proposal would amend Regulation X, which implements RESPA, to prohibit a "large" servicer from commencing a foreclosure (whether judicial or nonjudicial) on any delinquent consumer-purpose loan secured by a borrower's principal residence until after December 31, 2021.

April 2021 Newsletter

Fri, 09 Apr 2021 14:47:01 EDT

The February BCG Newsletter is here! This month's highlights include "CFPB Rescinds COVID Temporary Compliance Flexibility Statements," "Can a Lender Charge an Extension Fee as a Condition to Extend A Residential Construction Loan," "US Supreme Court Narrows TCPA Definition of "Autodialer"," "FDIC's Revised Brokered Deposits Regulation Is In Effect," "Banking Agencies Implement Emergency Capital Investment Program," "NCUA Issues Interim Final Rule for Central Liquidity Facility."

June Seminar - Commercial Lending Seminar 2021: Anatomy of a Commercial Loan Seminar

Wed, 07 Apr 2021 16:48:22 EDT

We invite you to our annual Commercial Lending Seminar, which this year will use the approach of the anatomy of a commercial loan and related real-life challenges. We will focus on basic commercial lending skills applied to a single developing case study with increasing complexity, including due diligence, customer identification, attachment and perfection issues, financing different types of collateral, lending limits and related case law studies. Please join us to hone your commercial lending skills in the ever challenging commercial lending environment!

April Monthly Telephone Briefing

Mon, 05 Apr 2021 11:29:04 EDT

The April BCG Monthly Telephone Briefing will be on Friday, April, 16, 2021 from 12:00 - 1:30 p.m. This month's topic will be "Agencies Propose Private Flood Insurance Q&As," and "CFPB Rescinds COVID Temporary Compliance Flexibility Statements." We hope you will join us for the Briefing and the Q&A immediately following.

April BCG Webinar

Wed, 31 Mar 2021 14:36:51 EDT

While the rules for responding to subpoenas and other government requests for information vary significantly, many of the difficulties in properly producing the documents and records requested is attributed to overly broad or vague requests. For obvious reasons this can lead to confusion and claims against a financial institution for failing to respond properly. It can be equally difficult to determine whether a financial institution should comply with a particular legal process at all thereby making it extremely challenging to protect a customer's financial privacy. This Webinar will focus on dealing with subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include a detailed review of some of the more common legal process forms, with an emphasis on those areas of the forms financial institutions should pay particular attention to as well as the specific terminology used in describing the requested records.

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March 2021 Newsletter

Fri, 12 Mar 2021 13:12:37 EST

The March BCG Newsletter is here! This month's highlights include "Reminder: Biden's Regulatory Freeze Pending Review," "Are TRID Disclosures Required When a Decedent's Beneficiaries Assume a Mortgage Loan?," "OAL Approves Bureau of Cannabis Control's Emergency Regulations," "Agencies Finalize Temporary Reporting Relief to Community Banks Who Exceed Asset Thresholds," "SBA Issues New PPP Rule for IRS Form 1040 Schedule C Filers," "NCUA Approves Final Rule Amending Share Insurance Regulations for Joint Accounts."

May Seminar - Financial Privacy & Information Security

Thu, 11 Mar 2021 17:22:39 EST

Financial privacy, information sharing and information security remain high priorities in the minds of the public and the regulators. GLBA and CCPA privacy protections and concerns over cybersecurity and security breaches remain important areas of risk. In addition, the recently adopted California Privacy Rights Act (CPRA) adds a new layer of complexity. This Seminar will address the financial privacy requirements under GLBA, CCPA and the new CPRA, including the various required notices, disclosures, and consumers' rights regarding their own information. This discussion will also include the specific information protected by GLBA, as well as GLBA's impact on the CCPA. Additionally, while the CPRA will not be effective officially until January 1, 2023, there are some notable exceptions that are operative now and others that will require attention as soon as January 1, 2022. On the information security front, the Seminar will cover the banking agencies' expectations for financial institutions to increase awareness of the numerous cybersecurity risks and also to assess and mitigate those risks. We will also discuss the latest in cyberattacks as well as managing security breaches and customer notifications.

March Monthly Telephone Briefing

Wed, 10 Mar 2021 15:37:27 EST

The March BCG Monthly Telephone Briefing will be on Friday, March, 19, 2021 from 12:00 - 1:30 p.m. This month's topic will be "FDIC Revises Brokered Deposit Regulations" We hope you will join us for the Briefing and the Q&A immediately following.

April BCG Webinar

Mon, 01 Mar 2021 18:23:50 EST

Aldrich & Bonnefin, PLC invites you to attend our BCG Webinar on IRS deposit income backup withholding. This presentation will include a detailed discussion of IRS withholding certifications to be solicited from U.S. person and non-resident alien depositors (Forms W-9 and W-8s), including foreign TIN and other due diligence hot topics. We will address withholding due to the depositor's failure to furnish a TIN (A-Type), IRS's notice of a name/TIN mismatch (B-Type), IRS notification of customer underreporting (C-Type), and failure to certify withholding status (D-Type). In addition to discussing withholding applicable under Chapter 61, we will cover Chapter 4 withholding that applies to certain foreign entity depositors as required by FATCA.

March BCG Webinar

Mon, 01 Mar 2021 18:12:50 EST

Aldrich & Bonnefin, PLC is pleased to invite you and your operations personnel to attend our BCG Webinar on IRS Information Reporting. Our discussion will give institutions a general understanding of the IRS information reporting process. We will also address how and when to report promotional giveaways and prizes. We will spend some time analyzing IRS information reporting requirements applicable to: deposit interest (1099-INT); deposit interest paid to certain non-resident alien depositors (1042-S); miscellaneous income (1099-MISC); original issue discount (1099-OID); mortgage interest (1098); discharged debt (1099- C); abandoned property (1099-A), FATCA Report (8966); and non-employee compensation (1099-NEC). Hot topics will include the IRS's position on information reporting pertaining to PPP forgiveness and CARES Act subsidies.

March BCG Webinar

Fri, 26 Feb 2021 15:06:21 EST

Whether a levy or other garnishment will require a customer's account to be attached is often a challenging decision. There is significant risk of liability in making the wrong decision, either to the customer for wrongfully debiting an account or to the creditor for failure to turn over the funds. This Webinar will discuss the necessary steps in processing the different types of levies and orders that are often served on financial institutions. We will also review the various forms and discuss examples to help you better understand how best to deal with any given levy.

Important Update

Fri, 26 Feb 2021 12:42:04 EST

As BCG reported in its January 2021 Newsletter, the CFPB issued two final rules amending Regulation Z's ability-to-repay rule (ATR Rule) in December 2020. (Remember, the ATR Rule applies to applies to closed-end, Reg Z-covered credit secured by a dwelling, and there are generally two ways to comply with the ATR Rule - follow the General ATR Standard or make a Qualified Mortgage (QM).)

February 2021 Newsletter

Thu, 11 Feb 2021 16:45:58 EST

The February BCG Newsletter is here! This month's highlights include "New Administration, First Changes," "Are Weblinks for Mortgagors Facing Financial Difficulties Required?," "IRS Addresses Reporting for PPP and SBA Loans," "Which ACH consumer account debit transactions are subject to Regulation E?," "Regulators Approve Final Rule Clarifying the Role of Supervisory Guidance" "SBA Issues New PPP Interim Final Rules, Guidance, FAQs and Loan Forgiveness Forms," "NCUA Announces its 2021 Supervisory Priorities," "Loan Modification Applications & HMDA Reporting."

April Seminar - Mortgage Lending Compliance

Wed, 03 Feb 2021 11:49:23 EST

The COVID-19 pandemic has had an immense impact on mortgage lending, including a vast increase in loan modifications. Mortgage lenders may continue to receive loan modification requests well beyond the pandemic's end and, thus, need to stay abreast of the rules surrounding loan modifications. On top of the COVID-19 crisis, the California Legislature and the federal banking agencies continue to keep us all busy with important regulatory developments, like the CFPB's overhaul of the ability-to-repay rule, and the agencies' proposed flood insurance Q&As. Join us for BCG's Mortgage Lending Compliance Seminar and stay up-to-date on these topics. Not only will we review recent regulatory changes, but we will also discuss issues that mortgage lenders are facing in real time. There will be plenty of opportunities for questions, too, so have them ready!

February Monthly Telephone Briefing

Wed, 27 Jan 2021 15:20:20 EST

The February BCG Monthly Telephone Briefing will be on Friday, February, 19, 2021 from 12:00 - 1:30 p.m. This month's topic will be "Proposition 24: California Privacy Rights Act of 2020" We hope you will join us for the Briefing and the Q&A immediately following.

February BCG Webinar

Thu, 14 Jan 2021 13:22:11 EST

State and federal laws require financial institutions to leave a certain amount on deposit in an account for a depositor to use when served with a levy or other garnishment if the depositor's account receives direct (electronic) deposits of certain state and federal benefit payments. There are yet other exemptions for set amounts, such as a child support order with a $3,500 exemption and California's new exemption for all natural persons. To further confuse matters, there are new exemptions for COVID economic income payments made available under Governor Newsom's executive order and recent relief legislation. This is a very complicated area of law. This Webinar is intended to analyze each of the automatic exemptions that a California financial institution is likely to face. We will examine how financial institutions are expected to apply any given exemption whether served with a government or private party levy, attachment or order to withhold. Our discussion is also intended to help alleviate confusion expressed by many financial institutions over the conflicts between the various exemptions.

January 2021 Newsletter

Fri, 08 Jan 2021 15:18:08 EST

The January BCG Newsletter is here! This month's highlights include "CFPB Issues Two Final Rules Amending ATR/QM Rules," "Are Weblinks for Customers Facing Financial Difficulties Required?," "AG Proposes Another Round of Modifications to CCPA Regulations," "California Consumer Privacy Act (CCPA) Q&As," "Agencies Issue Temporary Relief to Community Banks Who Exceed Asset Thresholds" "New COVID-19 Relief Package Signed Into Law," "NCUA Proposed Rule Would Lift Ban on Capitalization of Interest," "Bureau Increases HMDA Exemption Asset-size Threshold."

March Seminar - Loan Workouts & Collections

Fri, 08 Jan 2021 14:09:33 EST

The COVID-19 pandemic and the resulting impact on the economy has increased the likelihood of loan workouts, defaults and collections. While the COVID-19 vaccines, and the recent Consolidated Appropriations Act of 2021 stimulus bill, may help reduce the pandemic's impact on the economy and loan portfolios, we are in uncertain times and financial institutions must be prepared for new efforts to reduce or mitigate potential losses. While exploring creative ways of re-structuring these loans in an effective workout, lenders must also hone their skills relating to the collection process. Ultimately, if attempts at a loan workout fail, the lender may be faced with foreclosing on and liquidating its collateral. Therefore, the processes for such actions should now be revisited. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend our seminar on Loan Workouts and Collections. This seminar will address loan workout considerations and alternatives, as well as foreclosing on real property collateral. In addition, the seminar will cover regulatory and accounting issues impacting loan workouts, as well as recent developments and hot topics.

January BCG Webinar

Thu, 07 Jan 2021 18:28:13 EST

February BCG Webinar

Thu, 07 Jan 2021 14:52:16 EST

In December 2020, the CFPB practically overhauled the ability-to-repay rule (ATR Rule). Many creditors choose to comply with the ATR Rule by making "Qualified Mortgages" (QMs). The most common QM is the "Temporary GSE QM," which piggybacks QM status onto eligibility for purchase by Fannie or Freddie or for insurance by FHA or VA. The CFPB is letting the beloved Temporary GSE QM expire on July 1, 2021. In an attempt to not totally disrupt the mortgage market, the CFPB is also, for example, making the General QM more flexible and adding a new "Seasoned QM." During this webinar, we will discuss what QMs remain and in what form, helping creditors decide how they will transition from the Temporary GSE QM and into the 2021 QM regime.

Monthly Telephone Briefing

Wed, 06 Jan 2021 13:26:43 EST

On December 21, 2020, Congress passed HR 133, the Consolidated Appropriations Act 2021 ("CCA") with significant bipartisan support in Congress. President Trump signed the CCA into law on December 27, 2020. The CCA includes $900 billion in stimulus relief for those U.S. individuals and businesses affected by the COVID-19 pandemic. The CCA is over 2,000 pages long and impacts various industries. Our January 15, 2021 Monthly Telephone Briefing will focus on key areas of the CCA that impact financial institutions, including the following: o Changes to the Paycheck Protection Program (PPP) administered by the SBA, including the reopening of the PPP, additional protections for lenders, new types of forgivable non-payroll costs, changes to the covered period to use the PPP loan proceeds, a new simplified forgiveness application, allowing certain borrowers to obtain a second PPP loan, changes to the lender fee structure, and others; o Extension of the relief under the CARES Act for certain SBA non-PPP loans, and additional enhancements for certain SBA non-PPP loans; o Extension of the suspension under the CARES Act for reporting requirements for certain troubled debt restructurings; o Extension of the optional delay provided in the CARES Act for adopting the Current Expected Credit Losses (CECL) accounting standard; o Extension of the Centers for Disease Control and Prevention's residential eviction moratorium; o Restart of the SBA's Economic Injury Disaster Loan Program; and o Exemption from garnishment for the new economic impact payments authorized under the CCA. Join us for the January Monthly Telephone Briefing for a detailed discussion of the CCA and its impact on financial institutions.

Important Updates

Tue, 05 Jan 2021 17:38:43 EST

On December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021 (HR 133) (the "CAA") with significant bipartisan support in Congress. President Trump signed the CAA into law on December 27, 2020. It combines $900 billion in stimulus relief for those affected by the COVID-19 pandemic in the United States with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year.

January BCG Webinar

Mon, 28 Dec 2020 18:19:30 EST

Financial institutions need to ensure that their ATM/Debit Card and ACH unauthorized claims processes are compliant and up-to-date. This webinar will address the claims process at it is impacted by Regulation E, Visa and MasterCard rules, the National Automated Clearing House Association (NACHA) Operating Rules and California law. The presentation will include a discussion of relevant changes to the ACH NACHA Operating Rules that take effect in 2021, including changes to the authorization requirements and new limits on the warranty claims process. Some of the questions we will address include: What are the rights of financial institutions when it comes to denying these types of claims and does it make a difference whether a claim comes from a consumer or a commercial customer? How does a customer's negligence in handling the card and PIN impact the claims process? What are the documents an institution can request, and how long does an institution have to complete its investigation?

February BCG Seminar - Negotiable Instruments Law

Thu, 10 Dec 2020 18:26:01 EST

Aldrich & Bonnefin is pleased to invite you and your operations personnel to attend our Negotiable Instruments Seminar. We will navigate the amendments to Regulation CC which now address in detail electronic check collection. This detailed discussion will include Regulation CC's warranties and indemnities for electronic check collection as well as the presentment and return requirements. We will also discuss the interrelationship between Regulation CC, the UCC and the ECCHO rules for those checks which are collected outside of the federal reserve system. We will also review the requirements for check signatures and endorsements, including the various types of fraud claims that may be asserted against both depositary and payor banks. Finally, we will cover stop payment rights, including the rules governing lost, stolen or destroyed cashier's checks.

December 2020 Newsletter

Thu, 03 Dec 2020 17:32:12 EST

The December BCG Newsletter is here! This month's highlights include "CFPB Issues Final Regulation F - Fair Debt Collection Practices," "California Rosenthal Fair Debt Collection Practices Act Q&A," "Charities and Non-profit Organizations Share Spotlight in Regulatory Joint Fact Sheet," "New Interagency Proposal Seeks Public Comment on Role of Supervisory Guidance," "PPP Borrowers May Not Deduct Certain Expenses on Income Tax Returns," "CFPB Issues Consent Order for Bank's Alleged Inaccurate HMDA Reporting."

December Seminar - Equal Credit Opportunity Act & Regulation B and Fair Credit Reporting Act

Thu, 03 Dec 2020 14:11:11 EST

Aldrich & Bonnefin is pleased to invite you to a Seminar on the Equal Credit Opportunity Act (ECOA), its implementing Regulation B, and the Fair Credit Reporting Act (FCRA). As we will discuss during this seminar, ECOA applies to every loan and every aspect of a credit transaction. To top it off, FCRA applies every time you pull a consumer's credit report. So, outside of not making loans or never pulling a credit report, there is no way around ECOA and FCRA compliance. This seminar will show you how to walk through ECOA and FCRA's heavy hitters, such as the adverse action notice rules, the signature rules and when you may pull a credit report. For the adverse action notice rules, we will breakdown: (i) when you must include credit scores in these notices; and (ii) the differences between an inquiry, application and completed application. Additionally, even during times of crisis, fair lending compliance should remain at the forefront of every creditor's loan origination and servicing activities. Fair lending compliance issues can not only expose a creditor to examiner criticism, enforcement actions, civil suits and bad press, but also lead to customer service issues. We will discuss how to maintain those fair lending compliance activities and what are currently the most pressing fair lending compliance issues. We will also discuss the CARES Act changes to the FCRA reporting requirements.

December Monthly Telephone Briefing

Thu, 03 Dec 2020 13:53:39 EST

The December BCG Monthly Telephone Briefing will be on Friday, December, 11, 2020 from 12:00 - 1:30 p.m. This month's topic will be "2021 California Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

November 2020 Newsletter

Fri, 13 Nov 2020 13:16:52 EST

The November BCG Newsletter is here! This month's highlights include "Banking Agencies Adopt Temporary Interim Final Rule for Appraisals/Evaluations," "DFPI & California Fair Lending Notice," "AG Proposes Further Modifications to CCPA Regulations," "Community Bank Leverage Ratio Finalized," "Loan Forgiveness Applications for Loans of $50K and Less are Simplified," "Recent NCUA Board Actions Affecting Credit Union Corporate Governance," "Federal Reserve Begins the CRA Reform Process."

December BCG Webinar

Wed, 11 Nov 2020 15:47:37 EST

On December 15, 2020, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2021. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

November BCG Webinar

Wed, 11 Nov 2020 13:08:39 EST

Monthly Telephone Briefing

Wed, 04 Nov 2020 18:20:59 EST

RESPA Section 8 prohibits a lender or other party from paying or receiving a fee or other thing of value for mortgage loan referrals. It also prohibits kickbacks and unearned fees. At the same time, Section 8 permits certain items and activities, such as "normal promotional and educational activities" and payments that are reasonably related to the value of services actually performed. Figuring out what is and isn't permissible can be like walking on a tight-rope that is on fire, especially because RESPA Section 8 violations can trigger jail time and because the CFPB is heavily scrutinizing marketing services agreements. In an attempt to clarify what is and isn't permissible, the CFPB issued a new set of frequently asked questions (FAQs) about RESPA Section 8 in October 2020. The CFPB also rescinded its former Compliance Bulletin 2015-05 on MSAs. During the November 2020 BCG Monthly Telephone Briefing, we will discuss what is and isn't new in the FAQs and what the implications are, if any, of the CFPB rescinding its MSA bulletin.

Important Updates

Fri, 23 Oct 2020 18:22:20 EDT

The California Holden Act prohibits redlining and other discriminatory practices. California Health & Safety Code Section 35800 et seq. and 21 California Code of Regulations (CCR) 7100. The Holden Act requires lenders to provide a Fair Lending Notice to when an applicant submits a written application for housing financial assistance. Lenders must also post the Fair Lending Notice in a conspicuous place for public inspection (such as in a public lobby). 21 CCR 7114.

October 2020 Newsletter

Thu, 08 Oct 2020 15:40:09 EDT

The October BCG Newsletter is here! This month's highlights include "California Forms its Own Mini-CFPB and Passes Numerous Consumer Financial Protection Laws," "Reg Z APR Q&A," "CCPA Relief for Employment and Business Data Extended For One More Year," "FDIC Established Deposit Insurance Fund Restoration Plan," "Forgiven PPP Loan Amounts: Tax Developments."

October Monthly Telephone Briefing

Thu, 08 Oct 2020 15:34:08 EDT

The October BCG Monthly Telephone Briefing will be on Friday, October, 16, 2020 from 12:00 - 1:30 p.m. This month's topic will be "CFPB's FCRA Guidance During the Pandemic." We hope you will join us for the Briefing and the Q&A immediately following.

October Seminar - California Banking During the Pandemic and Beyond

Thu, 08 Oct 2020 13:32:51 EDT

Kathy Moe is the Regional Director of the Federal Deposit Insurance Corporation (FDIC) San Francisco Region. As a 35-year veteran, Moe is directly responsible for the safety and soundness and consumer protection of 350 financial institutions in 11 Western States, plus the Pacific U.S. Territories. Recently, she was recognized for pioneering an Emerging Technology Committee to address the rapid pace of innovation and technological changes facing regulators and the financial industry.

September 2020 Newsletter

Fri, 11 Sep 2020 12:17:15 EDT

The September BCG Newsletter is here! This month's highlights include "Agencies Issue Additional COVID Loan Accommodation Guidance: The Party's Ending?," "CCPA Regulations Finalized," "California Will Require Certain California Corporations to have Board Members from Underrepresented Communities in Addition to Women," "SBA Clarifies PPP Loan Forgiveness Limits of C- and S-Corp. Owner-Employee Compensation and Certain Nonpayroll Costs," "NCUA Approves Changes to Field of Membership Rule," "CFPB Issues FAQs for "Relied on" HMDA Data Points."

November Seminar - Bank Secrecy Act Compliance

Thu, 03 Sep 2020 12:04:53 EDT

Aldrich & Bonnefin is pleased to invite you to attend our full-day Bank Secrecy Act Compliance Seminar. As state and federal regulatory agencies continue to scrutinize compliance with the Bank Secrecy Act, it is more important today than ever for financial institutions to ensure proper steps are being taken to combat money laundering and the financing of terrorism. This is made particularly difficult due to money laundering schemes continuing to evolve, which has become more evident during the COVID-19 pandemic. At this Seminar, we will discuss in detail customer due diligence (CDD) expectations with a focus on providing services to high-risk customers, including the difficulties in dealing with cannabis and hemp-related businesses. This CDD discussion will also examine the requirements of the CIP and beneficial ownership rules and a new set of CDD FAQ's issued by FinCEN. Finally, we will discuss other BSA developments, including FinCEN's Statement on Enforcement of the Bank Secrecy Act and a rare FinCEN warning concerning reports of impending media articles on unlawfully disclosed SARs.

October BCG Webinar

Wed, 02 Sep 2020 12:46:42 EDT

The California Consumer Privacy Act (CCPA) has been a moving target since it was first introduced in 2018. The statute itself was revised numerous times before becoming effective on January 1, 2020. Additionally, the California Attorney General proposed four different versions of the regulations before the Office of Administrative Law finalized the fifth version on August 14, 2020. This one-and-a-half hour Webinar will address the more significant, practical aspects of the CCPA, including among others, what information is covered by the CCPA, how to comply with the CCPA's privacy notice obligations, and how to set up and respond to Requests to Know (RTK) and Requests to Delete (RTD). Additionally, we will discuss some current litigation trends and briefly discuss Proposition 24, "The California Privacy Rights and Enforcement Act" (CPREA) which will be on the ballot in November. There will be plenty of time for questions and answers.

October BCG Webinar

Tue, 01 Sep 2020 13:55:06 EDT

October BCG Webinar

Tue, 01 Sep 2020 13:40:44 EDT

Since 1997, the banking agencies have issued "Interagency Questions and Answers Regarding Flood Insurance" to help lenders comply with the flood insurance regulations. The agencies last updated the Q&As in 2011. Over the nearly past decade, quite a bit has changed. For example, Congress has passed two laws amending the flood insurance regulations (the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters) and the 2014 Homeowner Flood Insurance Affordability Act (HFIAA)). As a result, the Q&As were terribly (and arguably dangerously) outdated. To get with the times, the agencies have proposed updated Q&As. As expected, the agencies propose to revise the Q&As to reflect Biggert-Waters, HFIAA and other changes to the National Flood Insurance Program. They are also proposing to expand the Q&As to address additional questions, such as when does flood insurance coverage need to be in place (that is, when is closing for purposes of the flood insurance regulations?). Additionally, the agencies propose to reorganize the Q&As by subtopic, enabling them to more easily revise the Q&As in the future. During this Webinar, we will use the proposed Q&As as the basis for an update on flood insurance regulation compliance. Although we will provide an overview of which Q&As will remain the same, our focus will be on the proposed amended and new Q&As. We expect to be flooded with questions, so bring them!

September Monthly Telephone Briefing

Fri, 28 Aug 2020 19:14:06 EDT

The September BCG Monthly Telephone Briefing will be on Friday, September, 18, 2020 from 12:00 - 1:30 p.m. This month's topic will be "Agencies Propose to Update Their Flood Insurance Regulation Q&As." We hope you will join us for the Briefing and the Q&A immediately following.

September BCG Webinar

Thu, 27 Aug 2020 15:35:31 EDT

August 2020 Newsletter

Fri, 14 Aug 2020 13:27:25 EDT

The August BCG Newsletter is here! This month's highlights include "FRB Extends COVID-19 Related Lending Facilities Through December 31, 2020," "CFPB Ratifies Prior Regulatory Actions in Response to Seila Law," "AG Posts CCPA FAQs," "Agencies Modify Volcker Rule's Covered Funds Prohibitions," "OCC Proposes to Define "True Lender"" "NCUA Issues Regulatory Alert on CFPB's COVID Exception to RESPA Loss Mitigation Rules."

August Monthly Telephone Briefing

Thu, 13 Aug 2020 16:54:01 EDT

The August BCG Monthly Telephone Briefing will be on Friday, August, 21, 2020 from 12:00 - 1:30 p.m. This month's topic will be "Regulatory Expectations In The Post Covid-19 Environment." We hope you will join us for the Briefing and the Q&A immediately following.

October Seminar - General Banking Operations

Wed, 29 Jul 2020 16:57:39 EDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a Seminar addressing operations compliance. We will discuss a number of important banking operations compliance areas. The Seminar will include an overview of taxpayer ID number certification requirements. As part of this discussion, we will go through the IRS Form W-9 and the various Form W-8BENs. Additionally, the presentation will include issues and processes triggered when an institution is notified of an account holder's death. This death of depositor discussion will include small estate processes, as well as estates subject to probate. We will highlight a recent change to the dollar threshold applicable to small estate affidavits. We will also cover powers of attorney, including content requirements and related risks (general, durable, statutory, and trustee scenarios). Last, we will provide an overview of the recent regulatory guidance related to your vendor management program, including key elements from the FFIEC's Joint Statement on Security in a Cloud Computing Environment and the OCC's Bulletin updating its third-party relationship FAQs.

July 2020 Newsletter

Thu, 09 Jul 2020 19:08:08 EDT

The July BCG Newsletter is here! This month's highlights include "PPP Loan Program Developments," "U.S. Supreme Court: CFPB Director Must Be Removable at President's Will," "CCPA Regulations Should Be Effective Soon," "Financial Regulators Issue Final ACL Interagency Policy Statement," "FDIC and OCC Issue Final Rules in Response to Madden Decision."

August BCG Webinar

Thu, 09 Jul 2020 18:36:50 EDT

Information security remains a high priority in the minds of the public and the regulators and consequently concerns over cybersecurity and security breaches remain important areas of risk . Since the adoption of the Gramm-Leach-Bliley Act in 1999 (GLBA), information security breaches have unfortunately become commonplace but are, if anything, becoming more terrifying. Breaches of data systems can expose a financial institution to regulatory criticism, civil liability and reputation risk. The banking regulators have long understood that security breaches are inevitable and while efforts must be made to prevent them, the real focus of examiners seems to be not on prevention but on the response. For this reason, this Webinar will address the laws and regulations that apply to information security breaches, including the specific requirements for financial institutions in responding to a breach.

August BCG Webinar

Thu, 09 Jul 2020 15:45:31 EDT

Due to the technical nature and complexity of the NACHA Rules, when processing ACH transactions financial institutions have significant risk exposure for non-compliance with those rules, including potential fines and penalties. Just understanding the proper ACH entries that may be used as well as the return code requirements can make it difficult to manage this risk. In providing ACH origination services as an originating depository financial institution (ODFI), one of the primary sources of risk generally comes from the warranties that ODFIs provide to other ACH participants, including that all ACH transactions are properly authorized and that the information in ACH entries is correct. As a receiving depository financial institution ("RDFI"), institutions are exposed to risk in the form of unauthorized ACH transactions, reversing entries, untimely returns and other operational risks. This Webinar will cover these and other risk issues as well as the proper use of some of the common ACH credit and debit entries for both consumers and commercial businesses. Finally, we will include a discussion on the status and requirements for Same-day ACH Processing as institutions prepare for the latest implementation stage currently scheduled for March 19, 2021.

September Seminar - Commercial Lending During and After the Pandemic

Thu, 09 Jul 2020 15:22:27 EDT

With the current COVID-19 pandemic and some uncertainty regarding the future of the economy, commercial lenders need to be prepared for the changing landscape when it comes to commercial lending. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend our Commercial Lending During and After the Pandemic Seminar. This Seminar will focus on a number of important issues which commercial lenders must address both during and after the pandemic, including processing and documenting loan modifications and loan workouts. We will also discuss other select loan documentation issues, ways to reduce a lender's liability in connection with commercial loans, and managing risks in an electronic environment. The Seminar will also cover various "hot topics," including variable-rate loans and transitioning away from LIBOR, remote notarizations, and new government lending programs.

July Monthly Telephone Briefing

Wed, 08 Jul 2020 15:31:01 EDT

The July BCG Monthly Telephone Briefing will be on Friday, July, 17, 2020 from 12:00 - 1:30 p.m. This month's topic will be "FDIC and OCC Respond to Madden with Valid-when-made Rules," and CFPB Proposes Supplemental Time-barred Debt Disclosures in Regulation F." We hope you will join us for the Briefing and the Q&A immediately following.

July BCG Webinar

Thu, 18 Jun 2020 19:06:03 EDT

The Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010), enacted on June 5, 2020, revised various aspects of the PPP, including with respect to the loan forgiveness requirements. On June 3, 2020, Aldrich & Bonnefin presented a webinar entitled "SBA's Paycheck Protection Program Update: Loan Forgiveness and SBA Guaranty," which covered the interim final rules and the application form that the SBA had issued with respect to loan forgiveness. Since then, the SBA released a new interim final rule on June 17, 2020, which revises its loan forgiveness requirements in light of H.R. 7010. On June 16, 2020, the SBA also updated its loan forgiveness application form and released a new simplified version of that form. In this Webinar we will discuss these more recent changes made to the SBA's PPP loan forgiveness requirements, focusing on the SBA's June 17 interim final rule, as well as the updated loan forgiveness application form and the simplified application. We will also provide an overview of the PPP loan forgiveness process for lenders. Note that for this Webinar we will take the same outline we distributed for our June 3 Webinar and update it to address these recent developments. In this way attendees will have a single, up-to-date document covering all of the key provisions relating to the PPP loan forgiveness process (at least as of June 30!).

June Monthly Telephone Briefing

Fri, 12 Jun 2020 12:49:10 EDT

The June BCG Monthly Telephone Briefing will be on Friday, June, 26, 2020 from 12:00 - 1:30 p.m. This month's topic will be "California Consumer Privacy Act: Final Regulations (June 2020)." We hope you will join us for the Briefing and the Q&A immediately following.

June 2020 Newsletter

Thu, 11 Jun 2020 19:43:39 EDT

The June BCG Newsletter is here! This month's highlights include "Paycheck Protection Program (PPP) Loans Continue to Dominate the Headlines," ""FRB's Commonly Cited Consumer Compliance Violations," "CCPA: Still a Big Deal," "Regulation CC Amendments," "Financial Regulators Issue Final ACL Interagency Policy Statement," "NCUA Modifies Military Personnel Consideration for Low-Income Designation," "Recent LIBOR Developments," "OCC Issues Final Rule Modernizing CRA Regulations."

July BCG Webinar

Thu, 11 Jun 2020 17:29:56 EDT

August Seminar - Community Reinvestment Act

Thu, 11 Jun 2020 14:36:56 EDT

Until just recently, the Community Reinvestment Act regulations remained mostly unchanged for over 25 years. Under the former Comptroller Joseph Otting's leadership, though, the OCC independently revised its CRA regulations in order to "strengthen and modernize the CRA" (however the FDIC opted not to be part of the final rule although it did participate in the original December 2019 proposed rule). These changes, which will not take effect for several years, will apply to national banks and all savings associations. In the interim, these institutions remain subject to the OCC's current CRA regulations. State chartered banks continue to be subject to the FRB or FDIC's current CRA regulations, at least for the foreseeable future. As compliance and CRA professionals are aware, the examination process continues to stress the importance of CRA compliance. CRA examinations evaluate the results of a bank's lending activities, and for some banks their community development investment and service activities, in meeting the credit needs of local communities, including LMI individuals and neighborhoods. As such, banks need to implement effective strategies for meeting their CRA obligations. We designed our Community Reinvestment Act Seminar to assist you in understanding the performance criteria that apply to your bank, what qualifies as "community development," and how your bank's performance context - such as the bank's capacity and constraints and the needs and opportunities within its assessment area - can impact its CRA performance. This Seminar also will provide an update regarding recent amendments made to the Home Mortgage Disclosure Act and Regulation C, in particular the changes to the coverage rules, and the impact those changes may have on a bank's CRA performance.

July Webinar

Thu, 11 Jun 2020 14:00:21 EDT

Aldrich & Bonnefin is pleased to invite you to attend our Webinar on the interplay between the Customer Identification Program (CIP) and Beneficial Ownership rules. Complying with these rules can still be somewhat difficult despite, or perhaps due to, numerous FAQs having been issued by FinCEN. While CIP has been around since 2003, the adoption of the Beneficial Ownership Rule has actually forced many financial institutions to rethink their approach to CIP. There are still a number of questions that are raised by the rules. What are the differences between a financial institution's obligation to verify the identity of a customer as compared to verifying the identity of a beneficial owner? Is there a requirement to obtain an unexpired driver's license when opening an account for an existing customer? Is a new certificate of beneficial ownership required when a beneficial owner of a legal entity customer dies? These are just some of the issues that financial institutions encounter every day when opening accounts for customers or originating loans to borrowers. During this Webinar we will cover the requirements of each rule as well as how the FAQs issued over the years continue to raise compliance concerns.

June Monthly Telephone Briefing

Tue, 09 Jun 2020 14:24:58 EDT

The June BCG Monthly Telephone Briefing will be on Friday, June, 19, 2020 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Amendments to the Remittance Transfer Rule," "Regulation D Overview and Update Regarding Savings Accounts," and "More Changes to the Paycheck Protection Program: The PPP Flexibility Act of 2020." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update

Tue, 09 Jun 2020 13:42:36 EDT

Important Updates

Tue, 19 May 2020 16:31:25 EDT

A question the law firm is frequently receiving during the pandemic is whether a COVID-19 loan modification triggers the flood insurance regulations. In short, the requirement to pull a Standard Flood Hazard Determination Form is triggered when a lender makes, increases, renews or extends (MIREs) a loan secured by a building or mobile home. If that building or mobile home is in a flood zone (what FEMA refers to as a "Special Flood Hazard Area" or "SFHA"), which is an A- or Vrated flood zone, the lender must send the SFHA notice. If the building or mobile home is also in an NFIP-participating community, then the loan is a "designated loan" and the lender must require flood insurance coverage. The flood escrow rules are triggered if a lender MIRES a designated loan secured by residential improved real estate or a mobile home after January 1, 2016, and none of the exceptions apply. In sum, all of these requirements hinge on whether the lender MIREd a loan. So, when a loan modification involves increasing, renewing or extending a designated loan, the flood insurance regulations are triggered.

July Seminar - Truth in Lending Act & Regulation Z

Mon, 18 May 2020 18:32:37 EDT

No matter how long we have been in compliance, some "basic" Truth in Lending Act rules continue to trip us up. For example, what is a TILA-covered loan? Which types of changes in terms trigger new TILA disclosures? What is and what is not a finance charge? Also what are some common TILA mistakes examiners find in compliance exams? In BCG's Truth in Lending Act & Regulation Z Seminar, our presenter, Stephanie Shea, will breakdown these basics, as well as cover some of the more important TILA home equity line of credit (HELOC) and credit card rules. And there will be plenty of time for questions, so bring them!

June BCG Webinar

Fri, 08 May 2020 15:32:00 EDT

The U.S. Small Business Administration's Paycheck Protection Program (PPP) has provided much needed funds during the COVID-19 pandemic for businesses large and small across the country. The PPP has also provided lenders with another welcomed source of revenue. Once funding for the PPP is exhausted, borrowers and lenders alike will be turning their attention to the SBA's promise to forgive PPP loans, which will be dependent on the borrower's eligibility for a PPP loan and satisfying the SBA's other requirements for loan forgiveness. Also, assuming a portion or all of a PPP loan is not forgiven, then the SBA's guaranty will also be a point of concern for lenders. In this webinar we will discuss the SBA's requirements for forgiveness of PPP loans and its guaranty as provided in the SBA's various interim final rules, FAQs and other releases. We will also discuss pitfalls and potential concerns for lenders with respect to these issues.

May Monthly Telephone Briefing

Thu, 07 May 2020 18:40:14 EDT

The May BCG Monthly Telephone Briefing will be on Friday, May, 15, 2020 from 12:00 - 1:30 p.m. This month's topics will be "E-Sign and Electronic Signatures in the COVID Era" and "FFIEC's Joint Statement on Security in a Cloud Computing Environment." We hope you will join us for the Briefing and the Q&A immediately following.

May 2020 Newsletter

Thu, 07 May 2020 17:48:13 EDT

The May BCG Newsletter is here! This month's highlights include "CFPB Issues ECOA/TILA Waiver Guidance," ""Responsible Conduct" Guidance Updated," "OCC Updates Third-Party Relationships FAQs," "CFPB Proposes Whistleblower Award Law to Congress," "Residential Real Estate Appraisal Threshold Increased," "FRB Funds Main Street Lending Program" "HMDA Final Rule Lowers Thresholds."

Important Update

Thu, 07 May 2020 15:06:11 EDT

On May 6, 2020 the CFPB issued useful guidance on when the 30-day deadline to send a notice of adverse action under Regulation B starts to run on Paycheck Protection Program (PPP) applications. The news is good-PPP applications are not deemed "completed" until the SBA has issued a loan number for the loan or a response about the availability of PPP funds. This means PPP applications will not "time out" solely due to delays in receiving loan numbers from the SBA or during interim periods while the PPP has exhausted its funding.

June BCG Webinar

Mon, 04 May 2020 19:25:50 EDT

For decades the London Interbank Offered Rate (LIBOR) has been a popular reference rate for commercial loans, residential mortgages, derivatives and swaps, as well as other credit instruments. However, due to past abuses in the manipulation and reporting of LIBOR rates, LIBOR will soon either no longer be published or will become a poor benchmark on which to base interest rates. It is anticipated that current participating banks will only continue to submit these rates through the end of 2021. Therefore, the banking industry is preparing to move away from LIBOR to a new index or indices. Lenders should begin planning now to transition legacy loan agreements and other financial contracts to a successor index or indices. Fallback language which is currently found in many loan agreements, notes and other agreements may be insufficient to protect a lender from disputes or litigation regarding successor rates. Current loan modifications being requested by borrowers due to the COVID-19 crisis pose an excellent opportunity to add clarifying language. We will discuss the various approaches and contractual language that might be considered. Lenders should be inventorying the number and dollar amount of existing contracts which pose these issues, and develop a program addressing how to move these contracts to the new preferred indices. In this presentation, we will discuss the strategies and planning around this major effort now underway.

Important Updates

Mon, 27 Apr 2020 18:29:49 EDT

On April 23, 2020, California Governor Gavin Newsom signed Executive Order N-57-20 ("Order") which exempts from garnishment federal, state or local government financial assistance payments received by individuals in response to the COVID-19 pandemic. This includes recovery rebates under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) whereby certain individuals are entitled to an advanced tax credit of up to $1,200, depending on their income level. Stated simply, the Order prevents debt collectors from garnishing federal stimulus funds from most Californians. Unfortunately, due to the broad and vague language used in the Order there are quite a number of unanswered questions that remain.

May BCG Webinar

Wed, 22 Apr 2020 14:04:32 EDT

Even in a crisis, fair lending compliance should remain at the forefront of every creditor's loan origination and servicing activities. This is not just because it is a compliance issue that can expose a creditor to examiner criticism, enforcement actions, civil suits and bad press, but more than ever, it has become a customer service issue. During this webinar, we will discuss how to maintain those fair lending compliance activities and what are currently the most pressing fair lending compliance issues.

May BCG Webinar

Wed, 15 Apr 2020 17:43:17 EDT

Many lenders have expressed interest in how to document and dis-close loan modifications and deferrals in recent weeks. While COVID-19 was the initial impetus, a likely recession in 2020-2021 will keep the need for forbearances and modifications on the front burner. Modifying an existing loan can raise surprisingly complex contractual questions. Will interest still accrue during the deferral? When will it have to be repaid? Will there be higher payments after the deferral or a balloon payment or some hybrid of the two? Disclosure issues come up too. Which truth in lending change-in-terms dis-closures will be triggered (and how do I give them)? How do we manage UDAP issues as well? This two-hour webinar will address both closed-end (non-revolving) and open-end (revolving) credit, including term mortgages, home equity lines of credit and other forms of consumer credit. There will be plenty of time for questions and answers.

June Seminar - Legal Processes

Wed, 15 Apr 2020 17:22:02 EDT

Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on Legal Processes. The program will focus on levies and subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include the fundamentals of processing a levy and the important principles for determining whether a business or personal account is subject to levy. We will also cover the new California law granting an automatic exemption for all consumers. In addition to levies and executions, we will discuss requests for customers' financial records pursuant to civil subpoenas as well as government requests under the California and Federal Right to Financial Privacy laws. This Seminar is intended to be of benefit to individuals with all levels of experience.

April 2020 Newsletter

Thu, 09 Apr 2020 17:16:11 EDT

The April BCG Newsletter is here! This month's highlights include "COVID-19 Interagency Loan Modifications Statement; They're Generally Not TDRs," "CFPB Issues TRID Lender Credit FAQs," "Preview of April 2020 Mortgage Lending Seminar - Loan Modifications," "Scams Involving Gift Cards Purchased with a Debit Card," "DBO Extends Deadline to Make Comments on Public Bank Regulations," "CFPB Clarifies How to Report Ethnicity, Race and Sex under HMDA."

April BCG Webinar

Thu, 09 Apr 2020 11:36:27 EDT

The CFPB and the FRB jointly amended Regulation CC to implement statutory adjustments for inflation. These changes impact the amount of funds depository institutions must make available to their customers, effective July 1, 2020. The changes apply in circumstances ranging from next-day withdrawal of certain check deposits to fixing the threshold amount for determining whether an account has been repeatedly withdrawn. This webinar will address these changes, including recommended steps to be taken to notify impacted customers. The webinar will also cover the basics of the "Availability of Funds" requirements under Regulation CC, including next-day availability requirements and exception holds. We will provide a easy "quick-reference" chart to aid beginners, as well.

April Monthly Telephone Briefing

Wed, 08 Apr 2020 17:07:39 EDT

The April BCG Monthly Telephone Briefing will be on Friday, April, 17, 2020 from 12:00 - 1:30 p.m. This month's topics will be "Coronavirus Aid, Relief, and Economic Security Act (H.R. 748)" and "CARES Act Restrictions on Residential Foreclosures and Other Matters." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update

Wed, 08 Apr 2020 12:24:38 EDT

BCG Letters of Credit In-Person Seminar Locations Canceled - Additional Recording Playback Dates Added Text: We want to advise you that we have canceled the in-person seminar locations for the BCG Letters of Credit Seminar in May. Please note that we will automatically cancel your registration on our end, but we encourage you to register for any of the Recording Playbacks.

Important Updates

Mon, 23 Mar 2020 14:19:34 EDT

We regret to inform you that we are canceling all of the in-person seminar locations for the April Mortgage Lending Compliance Seminar in recognition of the state and federal governments' requests to limit public gatherings. In their place we have scheduled four Recording Playback dates.

May BCG Webinar

Thu, 19 Mar 2020 14:48:07 EDT

California's Unclaimed Property Law requires financial institutions to follow a two-step reporting process for unclaimed property. The Holder Notice Report is due annually by November 1st and includes a complete listing of a holder's unclaimed property that is currently reportable. The property will not be remitted until the separate Holder Remit Report is filed the following year in June. We will discuss practice tips and reminders from the California State Controller's Office to ensure your reports are approved and to avoid future interest assessments. The presentation will also outline the timelines for the escheat of deposit accounts, safe deposit box contents and financial institution-issued instruments. We also will address the legal notices required to be provided to customers at account opening and again prior to the reporting process.

April BCG Webinar

Thu, 19 Mar 2020 14:39:11 EDT

Even though California has relaxed its laws with regard to the sale and usage of medical and recreational marijuana, the growing, usage and sale of marijuana remains illegal under federal law. Even financial institutions not providing financial services directly to marijuana-related businesses (MRBs) are affected to the extent these institutions provide services to non -MRB businesses which are in turn doing business with MRBs. To complicate matters, while hemp is no longer considered illegal as a Schedule 1 controlled substance due to the 2018 Farm Bill, the cultivation of hemp in California remains subject to regulatory oversight by California and, to an extent, the USDA. Financial institutions are already seeing an increase in the number of MRBs as well as hemp businesses seeking financial services. There has also been an increase in disguised attempts by MRBs to obtain financial services, including by falsely claiming that their businesses are only involved with legalized hemp. Join us for this Webinar as we discuss in detail the customer due diligence expectations and the potential risks to financial institutions in providing banking services to the hemp and marijuana industry. We will also provide some insights on navigating the regulatory licensing requirements for MRBs through the California Bureau of Cannabis Control.

March 2020 Newsletter

Fri, 13 Mar 2020 17:14:22 EDT

The March BCG Newsletter is here! This month's highlights include "IMPORTANT BCG SEMINAR ANNOUNCEMENT," "CFPB Proposes Supplemental Rule on Time-barred Debt," "Conditioning Credit on a Credit Report," "Class Action Complaint Cites CCPA," "DBO Soliciting Comments on Proposed Public Bank Rulemaking," "SB 1235 Disclosure Regulations Still in Works; Questions Purchasers Should Consider," "FDIC and OCC Extend Comment Period for Proposed CRA Rules."

Important Update

Fri, 13 Mar 2020 15:29:44 EDT

On March 11, 2020 we emailed a statement to our clients (and posted the statement on the BCG website) regarding our firm's efforts to help contain the spread of the coronavirus. At that time we had determined that we would not cancel any BCG Seminars scheduled for March. However, due to increasing concerns regarding public gatherings, we have decided to be more proactive and therefore we have canceled the remaining BCG Electronic Banking Seminars this month.

March BCG Webinar

Mon, 09 Mar 2020 18:13:59 EDT

Due to the ever-increasing regulatory scrutiny and requirements, as well as advanced money laundering schemes and terrorist financing activities, it is becoming more and more difficult to effectively manage BSA risk. While identifying customers and obtaining beneficial information is not overly complicated, once you have identified a customer, what should you do next? Should you even open the account? And if you do, what information should you obtain and what type of monitoring efforts are you required to perform? This Webinar is designed to provide straightforward training necessary to help you and your staff understand a financial institution's customer due diligence (CDD) obligations under the Bank Secrecy Act, including enhanced due diligence (EDD) expectations when providing services to high-risk businesses. And of course, meeting these requirements would not be possible without also understanding the obligation to adequately identify the risks within the institution's own business operations.

March Monthly Telephone Briefing

Thu, 05 Mar 2020 19:20:56 EST

The March BCG Monthly Telephone Briefing will be on Friday, March, 20, 2020 from 12:00 - 1:30 p.m. This month's topics will be "California Consumer Privacy Act: Revised Proposed Regulations (February 2020)" and "Business Continuity Planning and the Coronavirus." We hope you will join us for the Briefing and the Q&A immediately following.

May Seminar - Letters of Credit

Fri, 28 Feb 2020 12:28:28 EST

Globalization of commerce and increased trade has resulted in an increase in the need for standby and commercial letters of credit. The coronavirus and other recent world events have also increased the likelihood that demands on letters of credit may be made, which in turn puts renewed focus on issues related to issuing letters of credit and negotiating letters of credit, including the examination of documents. Aldrich & Bonnefin, PLC is pleased to invite you to attend our Letters of Credit Seminar. In this Seminar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on standby and commercial letters of credit. We will then end our day discussing hot topics related to international transactions, including new electronic presentation rules (i.e., eUCP Version 2.0 and eURC Version 1.0), documentary collection issues, and OFAC sanction issues.

February 2020 Newsletter

Thu, 13 Feb 2020 12:13:23 EST

The February BCG Newsletter is here! This month's highlights include "CFPB Issues UDAAP "Abusive" Standard Guidance," "It's Law; MIP Must Be Reported on Form 1098 Through the 2020 Tax Year," "Governor Newsom Proposes Converting DBO Into a Mini-CFPB," "Some Finance Lenders Rent-a-charter to Avoid AB 539," "NCUA Proposes to Allow Credit Unions to Issue Subordinated Debt," and "FRB Has its Own Ideas for CRA Reform Separate and Apart from OCC and FDIC."

February Monthly Telephone Briefing

Wed, 05 Feb 2020 17:03:58 EST

The February BCG Monthly Telephone Briefing will be on Friday, February 21, 2020 from 12:00 - 1:30 p.m. This month's topic will be "Reporting Accurate Information to the Credit Bureaus." We hope you will join us for the Briefing and the Q&A immediately following.

April Seminar - Mortgage Lending Compliance

Tue, 21 Jan 2020 13:56:05 EST

Mortgage lending compliance never ceases to change. Come to BCG's Mortgage Lending Compliance Seminar and get up to speed. Not only will we go through recent developments, but we will also go through the basics - making this seminar the perfect fit for everyone involved with mortgage lending compliance. There will be plenty of time for questions, so bring them! Note that HMDA is not a topic for this April Seminar. However, BCG's Community Reinvestment Act Seminar in August 2020 will cover HMDA in some detail.

February Webinar

Fri, 17 Jan 2020 13:49:18 EST

Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. We will address both lending and bank operations issues. As the baby boomers enter into their twilight years, financial institutions are increasingly facing new issues as to the succession of trustees, bifurcation of trusts ("A" and "B" trusts), and dealing with holders of powers of attorney who think they can manage a trust. You will receive a downloadable, detailed discussion outline, not just skimpy PowerPoint slides!

February Webinar

Fri, 17 Jan 2020 13:38:33 EST

There are a number of laws governing powers of attorney which makes determining whether to accept any given power of attorney difficult. Further complicating matters, often a power of attorney is not clearly drafted which then raises concerns over whether to permit the attorney-in-fact to access the principal's financial accounts or safe deposit boxes. What are the rights of financial institutions when it comes to relying on a power of attorney? Can an institution accept a copy of a power of attorney if the original is not available? What if there are concerns over whether the principal is incapacitated, yet the power of attorney is not durable? How is the principal's incapacitation even determined? What if there are multiple attorneys-in-fact or multiple powers of attorney? Join us at this Webinar as we answer these and other questions. As part of our discussion, we will also consider the protections afforded a financial institution when accepting a power of attorney that is covered by the California Probate Code.

January 2020 Newsletter

Thu, 09 Jan 2020 15:06:52 EST

The January BCG Newsletter is here! This month's highlights include "FDIC and OCC Propose CRA Modernization ," "Two Banking Agencies Propose Rules on "Valid When Made" Loan Doctrine ," "FDIC Requests Comments on Proposed Revisions to Brokered Deposit Regulations ," "NCUA Delays Risk-Based Capital Rule by Another Two Years ," "Private Lawsuits Can Be Filed Under the CCPA; California's AG Must Wait ," and "Insurance Commissioner Issues a One Year Moratorium on Policy Non-Renewals."

January Monthly Telephone Briefing

Thu, 09 Jan 2020 12:04:48 EST

The January BCG Monthly Telephone Briefing will be on Friday, January, 9, 2020 from 12:00 - 1:30 p.m. This month's topics will be "California Consumer Privacy Act: Where We Stand" and "FDCPA Proposed Regulations." We hope you will join us for the Briefing and the Q&A immediately following.

March Seminar - Electronic Banking

Wed, 08 Jan 2020 12:11:16 EST

Electronic banking provides innovative opportunities for institutions to reach their client base. This seminar will cover practical insights into some of the compliance concerns raised when providing financial services electronically. We will address the claims process as it is impacted by Regulation E, Visa and MasterCard rules, the National Automated Clearing House Association (NACHA) Operating Rules and California law. Some of the questions we will address include: When can an institution deny these claims and does it make a difference whether a claim comes from a consumer or a commercial customer? How does a customer's negligence in handling the card and PIN impact the claims process? What are the documents an institution can request, and how long does an institution have to complete its investigation? Has your customer been a victim of email compromise or other types of fraud? Did it result in a wire transfer? As part of the presentation, we will look at the risks associated with wire transfer returns, including the risks an institution should factor into its decision to request a wire reversal (as the sending institution), or agree to honor a reversal (as the receiving institution). We will also discuss the landscape of evolving "FinTech" opportunities and what it means to institutions from a compliance and legal perspective.

Important Update

Mon, 23 Dec 2019 18:45:38 EST

On December 20, 2019, hours before the National Flood Insurance Program (NFIP) was set to expire, the President signed the "Further Consolidated Appropriations Act, 2020" (H.R. 1865) that, among other things, extended the NFIP for nine months through September 30, 2020.

March BCG Webinar

Fri, 13 Dec 2019 12:50:56 EST

With all the different types of business entities, lenders and new accounts personnel have challenges in properly identifying their customers or members and in understanding an entity's legal structure. Customer Identification Program rules impose specific regulatory requirements for identifying borrowers. In addition, the Beneficial Ownership Rule applies. For example, a failure to identify a borrower properly may not only impair the lender's security interest and put the collectability of the entire loan at risk due to UCC Article 9's requirements, but also could result in compliance violations. The same can be said if an institution fails to properly identify a new customer opening a deposit account - it could result in any number of compliance violations, including violations of OFAC, BSA and IRS information reporting regulations. This Webinar will address these issues in a "workshop" format providing checklists for the types of documents that financial institutions should obtain from the various types of business entities.

January BCG Webinar

Wed, 11 Dec 2019 14:12:40 EST

When collecting consumer debts, California creditors are subject to two bodies of law - the federal Fair Debt Collection Practices Act (Federal FDCPA) and the California Rosenthal Fair Debt Collection Practices Act (Rosenthal Act). The two laws apply to most attempts to collect a consumer loan, which now includes a mortgage loan under amendments made by SB 187, effective January 1, 2020. The Federal FDCPA and Rosenthal Act combine to establish a crosshatch of rules on how and when a "debt collector" may contact a consumer for purposes of debt collection. Under the Rosenthal Act even first-party creditors are covered as debt collectors and indeed must comply with most of the Federal FDCPA in addition to Rosenthal's unique provisions. Abusive practices are prohibited as is most contact with third parties such as a debtor's family members and employer. Even envelope exteriors are regulated.

February Seminar - Commercial Real Estate Lending

Fri, 06 Dec 2019 14:46:30 EST

While commercial real estate (CRE) seems to be maturing, CRE remains a sweet spot for lenders. However, economic developments may pose challenges ahead. In a recent survey of senior loan officers by the Federal Reserve Board it was reported that lenders continue to tighten their credit standards for CRE loans. The survey also found that demand for CRE loans has held steady. Additionally, there have been significant developments with regard to appraisal requirements that will be welcomed by CRE lenders. With these developments in mind, Aldrich & Bonnefin, PLC is pleased to present its Commercial Real Estate Lending Seminar. We will provide an overview of the requirements and new developments under the appraisal regulations, and have an in-depth discussion of title insurance issues (including key endorsements and comparing the CLTA and ALTA policies). We will also cover certain loan documentation issues (such as loan modifications, loan assumptions and common deficiencies in loan documents), and discuss the one-action and anti-deficiency laws

January BCG Webinar

Fri, 06 Dec 2019 14:36:45 EST

Financial institutions face significant risk exposure from unauthorized or defective wire transfers and that risk can be mitigated by understanding the rights and responsibilities of the institution. As part of this mitigation, we will discuss potential defenses to unauthorized wire transfer claims and the need for using security procedures that are commercially reasonable for any given customer. Of equal importance is understanding the circumstances under which a wire transfer can be cancelled or amended. Did you know there is an inherent risk as an originator's bank to act on a customer's request to cancel or amend a recently sent wire transfer? In fact, not only does requesting cancellation to assist a customer result in the institution indemnifying the beneficiary's bank, but it may also be a violation of federal regulations. These and other issues will be explored in detail in this webinar in order to help financial institutions implement appropriate policies and procedures for dealing with both outgoing and incoming wire transfers.

December 2019 Newsletter

Fri, 06 Dec 2019 14:22:35 EST

The December BCG Newsletter is here! This month's highlights include "Effective this Month, Taxpayer First Act Amends Taxpayer Consent Requirements," "Consumer Finance Q&A," "U.S. House of Representatives Passes the Corporate Transparency Act of 2019," "FDIC Proposes Amendments to the National Rate and National Rate Cap Regulations," "Banking Agencies Issue Final HVCRE Rule," and "NCUA Proposes to Increase Threshold Level for Required Residential Real Estate Appraisals."

Important Update

Wed, 04 Dec 2019 13:59:57 EST

On November 21, 2019, hours before the National Flood Insurance Program (NFIP) was set to expire, Congress passed and the President signed an appropriations bill (H.R. 3055) that, among other things, extended the NFIP through December 20, 2019.

December Monthly Telephone Briefing

Tue, 26 Nov 2019 13:32:31 EST

The December BCG Monthly Telephone Briefing will be on Friday, December 13, 2019 from 12:00 - 1:30 p.m. This month's topic will be "2020 California Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

January Seminar - Consumer Lending Compliance

Thu, 21 Nov 2019 12:41:46 EST

Aldrich and Bonnefin is pleased to invite you and your lending staff to attend a Seminar on Consumer Lending Compliance. This presentation will focus on the many state and federal laws and regulations that govern the steps in the life of a consumer loan including: receiving and processing an application; loan closing; servicing; and making subsequent changes. Special attention will be given to current regulatory compliance developments. Please note that this Seminar will not cover basic consumer lending documentation, but rather will be a survey of federal and state compliance laws and regulations affecting consumer lending. In addition, we will not cover mortgage lending compliance issues.

November 2019 Newsletter

Fri, 08 Nov 2019 16:12:11 EST

The November BCG Newsletter is here! This month's highlights include "Governor Signs Amendments to California Consumer Privacy Act," "DBO Issues Cannabis Banking Guidance," "Banking Agencies Increased Major Assets Prohibition Thresholds for Management Interlocks," and "NCUA Amends Supervisory Committee Audits and Verifications."

December BCG Webinar

Thu, 07 Nov 2019 12:55:55 EST

On December 11, 2019, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2020. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

November Monthly Telephone Briefing

Fri, 01 Nov 2019 13:24:09 EDT

The November BCG Monthly Telephone Briefing will be on Friday, November 15, 2019 from 12:00 - 1:30 p.m. This month's topic will be "California Consumer Privacy Act: Proposed Regulations (and Other Developments)." We hope you will join us for the Briefing and the Q&A immediately following.

October 2019 Newsletter

Thu, 10 Oct 2019 18:05:36 EDT

The October BCG Newsletter is here! This month's highlights include "HMDA Quarterly Reporting Begins January 1, 2020," "Private Flood Insurance & the Compliance Aid Statement," "FRB and CFPB Amend Regulation CC for Inflation," "Regulation E Error Investigation," "California Establishes a Public Bank," "Federal Credit Unions Can Offer PALs II Loans Starting December 1."

October Monthly Telephone Briefing

Wed, 09 Oct 2019 14:53:57 EDT

The October BCG Monthly Telephone Briefing will be on Friday, October 18, 2019 from 12:00 - 1:30 p.m. This month's topic will be "Combatting Elder Financial Abuse," and "Treasury Reclamations." We hope you will join us for the Briefing and the Q&A immediately following.

34TH ANNUAL BCG MANAGEMENT & DIRECTORS SEMINAR

Tue, 08 Oct 2019 19:23:52 EDT

Keynote Speaker: Manuel P. Alvarez Commissioner California Department of Business Oversight Presenting: "California Banking Trends" Other Topics: Presented by Mark E. Aldrich, Anne M. McEvilly, Stephanie A. Shea & Joel N. Cook California and Federal Banking Laws - An Overview of Current Corporate Governance Developments Consumer & Mortgage Lending Regulatory Update Banking Operations & FinTech Hot Topics Commercial Lending Trends Top 10 Risk Management Issues for 2020

November BCG Webinar

Wed, 02 Oct 2019 14:54:40 EDT

Although the CFPB did not issue any new TRID rules in 2019, it certainly issued a plethora of TRID frequently asked questions (FAQs). This Webinar will dive into these FAQs. Since these FAQs seem to touch on almost every basic TRID rule, this Webinar will do the same, as well as discuss TRID 2.0 implementation challenges. As always, there will be plenty of opportunities to ask questions, so bring them!

Important Update

Tue, 01 Oct 2019 18:46:09 EDT

On September 27, 2019, the President signed a bill (H.R. 4378) that, among other things, extended the National Flood Insurance Program (NFIP) through November 21, 2019. Without this bill, the NFIP was set to expire on September 30, 2019. The law firm will continue to monitor and report on the NFIP's status.

November Seminar - Compliance Management

Fri, 13 Sep 2019 13:16:04 EDT

Aldrich & Bonnefin is pleased to invite you, your compliance staff and the management of your financial institution to attend a Seminar on Compliance Management. This Seminar will focus on structuring an effective, risk-based compliance program specifically for financial institutions and implementing the program's objectives. There will be case studies to make the seminar of immediate practical value to all who attend. With increasing regulatory scrutiny and civil litigation against financial institutions, as well as the need to implement ever-changing regulations, attention must be paid to systems and procedures for compliance with federal and state laws and regulations. Without a structured compliance program, compliance dollars can be wasted and an institution's ability to comply can be dramatically diminished. Without a formal compliance program, an institution is exposed to the risk of liability to shareholders, customers and regulators alike. In contrast, having a strong, well-managed compliance program can mitigate any occasional violations that inevitably occur.

November BCG Webinar

Thu, 12 Sep 2019 19:10:26 EDT

Attempting to determine whether a levy or other garnishment will reach a customer's account can be extremely challenging, even to the very experienced. This is further complicated by the fact that the form of levy will be different depending on whether the levy is served by a sheriff or one of the various government agencies. This Webinar will discuss the fundamentals of processing a levy and important principles for determining whether a particular type of account is subject to a levy. We will also review the various forms and discuss examples to help you better understand how best to deal with any given levy

September Monthly Telephone Briefing

Thu, 12 Sep 2019 18:20:28 EDT

The September BCG Monthly Telephone Briefing will be on Friday, September 20, 2019 from 12:00 - 1:30 p.m. This month's topic will be "Online Privacy Policy under California Consumer Privacy Act," and "An Overview of Deposit and Share Insurance Regulations." We hope you will join us for the Briefing and the Q&A immediately following.

September 2019 Newsletter

Thu, 12 Sep 2019 14:50:38 EDT

The September BCG Newsletter is here! This month's highlights include "HUD Proposes to Amend Its Disparate Impact Standard," "Simplified Volcker Rule Approved and Future Changes Announced," "DBO Requested Comments on Proposed Regulations for Commercial Financing Disclosures," "Banking Agencies and FinCEN Issue Joint Statement on BSA/AML Supervision," and "D.C. Circuit Court Rules in Favor of the NCUA's 2016 Field of Membership Rule."

October BCG Webinar

Fri, 30 Aug 2019 15:37:19 EDT

During this Webinar, we will discuss the most-pressing issues in connection with the flood insurance regulations' mandatory purchase, force-placement and escrow requirements. We will also discuss the new rules regarding private flood insurance policies.

August 2019 Newsletter

Fri, 09 Aug 2019 14:43:03 EDT

The August BCG Newsletter is here! This month's highlights include "Equifax to Pay More Than $600 Million to Settle Data Breach Claims," "FinCEN Issues Advisory on Email Compromise Fraud Schemes," "Agencies Issue Final Rule Affecting Common Equity Tier 1 Capital and Calculation of Minority Interest for Community Banks," and "Agencies Further Revise the HVCRE Exposure Definition."

August Monthly Telephone Briefing

Wed, 07 Aug 2019 17:46:53 EDT

The banking regulators have been quite busy in the last several months issuing various final and proposed rules to revise their regulations with regard to capital and investment requirements. The primary goal with these releases is to reduce the regulatory burden for small to mid-sized financial institutions. Specifically, the FDIC, FRB and OCC jointly released a final rule to simplify capital requirements for all but the largest and more complex financial institutions. These same agencies have also jointly issued a proposed rule to adopt changes made by the Economic Growth, Regulatory Relief, and Consumer Protection Act with regard to weighting (for capital purposes) certain transactions that qualify as high volatility commercial real estate transactions, or "HVCRE" loans. To implement another aspect of the Regulatory Relief Act, the FDIC, FRB and OCC issued a separate final rule to adopt a community bank exception to the Volcker Rule. Not to be outdone, the NCUA recently issued a proposed rule that if adopted would delay the effective date of its own risk-based capital rules which were released in 2015 and then amended in 2018. The agencies have also issued several other final and proposed rules with regard to capital requirements. Please join us for our August Telephone Briefing during which we will discuss the details of these new final and proposed rules as well as their impact on BCG members.

October Seminar - New Accounts Documentation & Compliance

Wed, 24 Jul 2019 17:16:15 EDT

Aldrich & Bonnefin invites you and your operations and compliance staffs to attend a Seminar covering New Accounts Documentation and Compliance. Having proper new account policies and procedures can help financial institutions prevent or at least reduce the risk of fraud and other losses, as well as compliance violations. This Seminar will focus on documents that institutions will want to review during the account-opening process for individuals, businesses (such as corporations, partnerships and LLCs) and court-appointed fiduciaries (for example, decedent estates, conservatorships and guardianships). As part of this discussion we will consider the process for opening accounts for property management companies, including those opened on behalf of homeowners associations. There will also be a detailed discussion covering the opening and maintenance of accounts for family trusts. Of course, no discussion on new accounts documentation would be complete without considering the requirements of both CIP and the beneficial ownership rule.

October BCG Webinar

Wed, 24 Jul 2019 15:43:50 EDT

Commercial lending continues to be subjected to ever greater regulation, and commercial lenders need a working knowledge of the applicable regulations. Contrary to popular belief, commercial loans are subject to many of the so-called "consumer" regulations, as well as non-consumer regulations, such as the flood insurance regulations and Regulation B. This Webinar will offer a practical approach to knowing when particular regulations apply to commercial loans and what the basic rules are. Loan officers, credit administrators, compliance managers and loan documentation personnel will benefit from this learning experience. At least two Q&A sessions will be provided.

September BCG Webinar

Fri, 12 Jul 2019 13:57:13 EDT

Notices of adverse action remain a constant thorn in the side of lenders and their compliance managers. Issues arise as to the required timing of adverse action notices as well as the required contents. Complicating matters, most adverse action notices need to fulfill the requirements of two separate but related laws, ECOA/Regulation B and the Fair Credit Reporting Act (FCRA). Finally, regulators tend to treat adverse action notices as the critical leading edge of an institution's overall ECOA and fair lending compliance program. In short, adverse action notices receive (and merit) a lot of attention. In this fast-paced, two-hour webinar, we will discuss the required timing and contents of adverse action notices under Regulation B and the FCRA. The main focus will be on applications for credit, both consumer and business, although we will discuss non-credit adverse action notices as well.

September BCG Webinar

Fri, 12 Jul 2019 13:49:08 EDT

The rules for responding to subpoenas and other government requests for information vary significantly, which can lead to confusion and a failure to respond properly. It can be equally difficult to determine whether a financial institution should comply with a particular legal process at all thereby making it extremely challenging to protect a customer's financial privacy. This Webinar will focus on dealing with subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include a detailed review of some of the more common legal process forms, with an emphasis on those areas of the forms financial institutions should pay particular attention.

July 2019 Newsletter

Fri, 12 Jul 2019 13:17:27 EDT

The July BCG Newsletter is here! This month's highlights include "CFPB Extends Comment Period for Proposed HMDA Amendments," "Private Flood Insurance," "FCC Issues Declaratory Ruling Expressly Permitting Call-blocking Measures," "Agencies Adopt Liquidity Coverage Ratio Rule."

July Monthly Telephone Briefing

Fri, 12 Jul 2019 12:02:16 EDT

The July BCG Monthly Telephone Briefing will be on Friday, July 19, 2019 from 12:00 - 1:30 p.m. This month's topic will be "Prohibited Tying Arrangements - A Review." We hope you will join us for the Briefing and the Q&A immediately following.

September Seminar - Truth in Lending Act & Regulation Z

Wed, 10 Jul 2019 12:29:57 EDT

Three things are guaranteed in life - death, taxes and Regulation Z challenges. Our Truth in Lending Act & Regulation Z seminar will discuss the topics that are currently challenging compliance professionals and lenders the most - from Regulation Z coverage, when HELOCs are rescindable, how to take corrective action, providing Regulation Z disclosures electronically and how to comply with the billing error resolution procedures. This Seminar will take a deep-dive into these topics, with plenty of hypotheticals and ample time for questions. We will also cover recent TILA/Regulation Z developments. Join us and relieve yourself of Regulation Z confusion (however, this Seminar cannot do anything about death or taxes).

August BCG Webinar

Wed, 03 Jul 2019 17:57:59 EDT

While the rules governing ATM, debit card and other electronic fund transfer claims have not changed in recent years, financial institutions need to ensure that their claims processes are still compliant and up-to-date. This webinar will address the claims process at it is impacted by Regulation E, Visa and MasterCard rules, the National Automated Clearing House Association (NACHA) Operating Rules and California law. Some of the questions we will address include: What are the rights of financial institutions when it comes to denying these types of claims and does it make a difference whether a claim comes from a consumer or a commercial customer? How does a customer's negligence in handling the card and PIN impact the claims process? What are the documents an institution can request, and how long does an institution have to complete its investigation? As part of our discussion, we will also look at sample forms used in the claims handling process.

August Webinar

Wed, 03 Jul 2019 17:44:01 EDT

Interest in the purchase of participations in commercial loans and also the purchase of whole commercial loans has increased over the last several years. Smaller institutions see these purchases as a way of growing their commercial loan portfolios, while larger institutions see the sale of participations and whole loans as a way of diversifying their portfolios. Institutions both large and small may look to participations as a way of dealing with lending limit issues. Whatever the motivation, an institution buying or selling must carefully analyze the loan participation agreement. Lenders must also consider recent regulatory developments. With this in mind, Aldrich and Bonnefin is pleased to invite you and your commercial lending staff, as well as your auditing and documentation staff, to our Webinar on loan participations and whole-loan purchases. Note that this Webinar will not provide a comprehensive review of the issues to be considered when selling or buying a loan participation or whole loan. Rather, we will focus on certain specific issues regarding loan participations.

Important Update

Wed, 26 Jun 2019 19:05:40 EDT

Effective July 1, 2019, lenders must accept private flood insurance (PFI) on designated loans if the PFI policy meets the "Eight Criteria." BCG members have asked whether they may charge a fee for this review - that is, whether they may charge a fee for reviewing a PFI policy to determine whether it meets the Eight Criteria.

Important Update - New BCG Happenings

Thu, 20 Jun 2019 20:11:22 EDT

We are excited to announce our newest innovation in delivering BCG Seminars to BCG Members! Beginning with the August Financial Privacy & Information Security Seminar, which will be presented by Robert Olsen and Keith Forrester, we will introduce a new feature to our BCG Seminars - it's called the "Recording Playback."

August BCG Seminar - Financial Privacy & Information Security

Thu, 20 Jun 2019 17:57:38 EDT

Financial privacy, information sharing and information security remain high priorities in the minds of the public and the regulators. GLBA privacy notices and concerns over cybersecurity and security breaches remain important areas of risk. In addition, the recently adopted California Consumer Privacy Act (CCPA) adds a new layer of complexity. This Seminar will address: financial information privacy under the Gramm-Leach-Bliley Act and California law (SB 1), including the scope and proper implementation of opt-out rights; financial information security and safeguarding practices; the information-sharing aspects of the Fair Credit Reporting Act; and customer notice obligations. The Seminar will also cover the banking agencies' expectations for financial institutions to increase awareness of the numerous cybersecurity risks, and also assess and mitigate these risks. Finally, we will address the new CCPA which becomes effective on January 1, 2020 and (if issued) the Attorney General's expected regulations to implement the CCPA.

June 2019 Newsletter

Fri, 14 Jun 2019 13:19:28 EDT

The June BCG Newsletter is here! This month's highlights include "NFIP Extended Through June 14, 2019," "Safe Deposit Box Escheatment Refresher," "OCC Final Rule Extends National Bank Powers to Eligible Savings Associations," "ARRC Issues Fallback Language for Bilateral Business Loans and Securitizations," "Loan-related Negotiations," and "Proposed Rule Would Raise Non-member Shares Limit to 50 Percent."

Important Update

Mon, 10 Jun 2019 14:46:21 EDT

On June 3, 2019, Congress passed the Additional Supplemental Appropriations for Disaster Relief Act, 2019 (H.R. 2157), which, among other provisions, extends the National Flood Insurance Program (NFIP) through September 30, 2019. The president signed the bill on June 6, 2019, more than a week before the National Flood Insurance Program (NFIP) was set to expire.

June Monthly Telephone Briefing

Wed, 05 Jun 2019 15:42:48 EDT

The June BCG Monthly Telephone Briefing will be on Friday, June 21, 2019 from 12:00 - 1:30 p.m. This month's topic will be "OFAC Framework for Compliance Commitments," and "Agencies to Provide Guidance Regarding Acceptance of Private Flood Insurance Policies." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update

Fri, 31 May 2019 17:33:13 EDT

On May 30, 2019, a day before the National Flood Insurance Program (NFIP) was set to expire, Congress passed the National Flood Insurance Program Extension Act of 2019 (S. 1693), extending the NFIP just until June 14, 2019. The president signed this stop-gap measure on May 31, 2019, so that the NFIP did not lapse. The law firm will continue to monitor and report on the NFIP's status.

Important Update

Fri, 10 May 2019 17:06:26 EDT

In the April BCG Newsletter we reported that the FDIC issued a final rule eliminating the requirement that state nonmember banks prepare and make available an annual disclosure statement regarding the bank's financial condition.

July BCG Webinar

Fri, 10 May 2019 15:40:54 EDT

On July 18, 2019 Aldrich and Bonnefin will present a two-hour webinar on "Death of Borrowers." Death comes to all but dying with debt is more common than it used to be. While prior generations took pride in dying debt free, living with debt (and dying with it) is more common for the "boomer" generation. In any event, lenders - both secured and unsecured - contact the law firm with increasing frequency to ask questions about borrowers who have died. This webinar will address a number of practical questions faced by lenders when their borrower (or the principal owner of a business borrower) has died. We will address the immediate and longer-term steps a lender may (or must) take to protect its legal right to repayment while remaining considerate of the human loss the survivors have experienced. For example, how does a lender file a claim in a decedent's probate estate? Is a secured lender even required to file a claim in probate? Is the borrowers death an "event of default" under the loan? Can we set off against the decedent's deposit account? What are the obligations as to "successors in interest" in the property on a residential mortgage loan? As always, the webinar will include a detailed and useful discussion outline and plenty of time for hypotheticals, and questions and answers

June BCG Webinar

Fri, 10 May 2019 15:19:05 EDT

Fair lending is a broad legal and compliance concept that protects and promotes equal access to credit in the United States. At its root, fair lending means that similarly situated applicants and borrowers should receive similar treatment. Identical results are not required but equality of process is. Financial institutions and other lenders are experiencing increased pressure from regulators, not least of which is the Consumer Financial Protection Bureau, to enhance their fair lending processes. Fair lending does not happen by accident; rather, it is a mandated, ongoing process. Every regulated lender must have a written fair lending program in place, addressing every aspect of the lending process, from marketing and underwriting to pricing and servicing. Fair lending is not limited to residential lending - it extends to commercial and consumer lending of all types. We recently have seen close scrutiny of minimum loan amounts, discretionary credit pricing and redlining. This 90-minute Webinar will provide an update on fair lending laws and processes for lenders of all types. A detailed written outline will be provided (not just sketchy PowerPoint slides). Plenty of time will be allowed for questions and answers. Some familiarity with lending processes will be assumed.

July BCG Seminar – Commercial Lending

Fri, 10 May 2019 14:59:38 EDT

When making commercial loans, lenders must maintain a delicate balance between prudent lending standards and creative loan terms that may be dictated by today's competitive marketplace. Now more than ever, it is essential that lenders have a solid understanding of the fundamentals of commercial lending. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend our Commercial Lending Seminar. This Seminar will focus on a number of important issues that commercial lenders regularly face, including structuring and documenting commercial loans, compliance issues, due diligence, guaranties, and attachment and perfection of security interests. In addition, we will discuss recent court cases impacting commercial lenders.

May 2019 Newsletter

Wed, 08 May 2019 17:45:51 EDT

The May BCG Newsletter is here! This month's highlights include "CFPB Proposes HMDA Amendments," "Interest Rate Limitations: Servicemembers," "FDIC Proposes Changes to Signature Card Requirements for Joint Ownership Accounts," "Deposit Account Escheatment," "CFTC Expands De Minimis Exception for Swaps Conducted by Banks," "Developments in Anticipation of LIBOR's End," "HMDA Happenings."

June BCG Webinar

Thu, 25 Apr 2019 19:42:05 EDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations personnel to attend our Webinar on last year's Regulation CC final rule as it relates to electronic check collection and check fraud liability issues. Despite advances in technology which enable new alternative payment systems, checks are still not going away anytime soon and the check collection laws have finally started to adapt to keep pace with electronic check collection. Of course, this also means the responsibility for forged and altered checks has also been evolving to shift responsibility where appropriate. This detailed discussion will include Regulation CC's new warranties and indemnities for checks collected electronically as well as whether the paying bank or the depositary bank is ultimately liable when fraud occurs. We will also discuss an additional amendment to Regulation CC that went into effect January 1, 2019, which addresses disputes over whether an electronic check is either forged or altered. Finally, no check liability discussion would be complete without also addressing the applicability of Regulation CC, the UCC and the ECCHO rules, which will depend on whether the fraudulent checks were electronically collected through the federal reserve system.

July BCG Webinar

Thu, 18 Apr 2019 18:55:30 EDT

Financial institutions are increasingly outsourcing activities and processes to third parties. It is no surprise that federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the federal regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists incorporating the various considerations that should be a part of your vendor management program.

une BCG Seminar - Mortgage Lending Compliance

Thu, 11 Apr 2019 15:04:09 EDT

Federal and state law regulate mortgage loans more so than any other type of consumer loan, and the laws and regulations are constantly evolving to provide consumers greater protection. The past few years have been no different - especially with regard to the TILA/RESPA mortgage servicing rules, the flood insurance regulations, HMDA and TRID. During this seminar, we will discuss a mortgage servicer's obligations when a mortgage borrower dies and also the new private flood insurance rules, with a flood insurance regulation refresher. We will also take a deep dive into TRID fundamentals. This seminar is built for everyone who is new to mortgage lending as well as those who are experienced compliance professionals. So, come one and all.

April 2019 Newsletter

Thu, 11 Apr 2019 12:28:15 EDT

The April BCG Newsletter is here! This month's highlights include "PFI Compliance Aid Statement: It Does Exist!," "NACHA Delays Third Phase of Same-Day ACH Processing Window," "FDIC Eliminates Annual Disclosure Requirement," and "The End is Near for LIBOR."

May Monthly Telephone Briefing

Tue, 09 Apr 2019 15:52:07 EDT

The May BCG Monthly Telephone Briefing will be on Friday, May 17, 2019 from 12:00 - 1:30 p.m. This month's topic will be "Doing Business With Family Trusts." We hope you will join us for the Briefing and the Q&A immediately following.

April Monthly Telephone Briefing

Fri, 22 Mar 2019 17:20:47 EDT

The April Monthly Telephone Briefing will be on Friday, April 19, 2019 from 12:00 - 1:30 p.m. This month's topic will be "New California "Consumer" Privacy Act: Get Ready for January 1, 2020." We hope you will join us for the Briefing and the Q&A immediately following.

May BCG Webinar

Thu, 14 Mar 2019 13:46:32 EDT

With virtual currencies and blockchain technology becoming increasingly popular and commonplace, they are making their way into the banking industry. In this Webinar, we will dive into the world of virtual currencies and blockchain technology, and consider the products and services banks provide to virtual currency-related businesses and how financial institutions may utilize blockchain technology. As we explore blockchains and virtual currencies, and the related financial products and services, we will also discuss the associated legal and regulatory issues as well as the related risks.

Important Update

Wed, 13 Mar 2019 17:39:26 EDT

As we discussed during the February 2019 BCG Monthly Telephone Briefing and will discuss again during the BCG Webinar on April 30, 2019, starting July 1, 2019, regulated lenders must start accepting private flood insurance (PFI) policies that meet what we refer to as the "Eight Criteria."

April BCG Webinar

Thu, 07 Mar 2019 19:42:04 EST

On July 1, 2019, regulated lenders will have to start accepting private flood insurance (PFI) policies. Are you ready? Do you know when you must or may accept a PFI? On the flipside, do you know when you are not permitted to accept a PFI? If you answered "no" to any of these questions, we have the webinar for you. Our April 30 webinar on "How to Review a Private Flood Insurance Policy" will help you answer "yes" to these questions. The Outline we will provide for this Webinar will also include checklists to help you start reviewing PFI policies by walking you through some low-hanging fruit and common PFI issues. There will be plenty of time for questions. Note: We will discuss the new PFI Rule during the Mortgage Lending Compliance Seminar in June, but since we've received requests to offer more training on the rule sooner than that, we've scheduled this webinar to accommodate those requests

April BCG Webinar

Thu, 07 Mar 2019 19:24:46 EST

Aldrich & Bonnefin, PLC is pleased to invite you to a Webinar on Home Equity Lines of Credit and the compliance requirements under the Truth in Lending Act and Regulation Z. Home equity lines of credit are compliance intensive. Beginning with special disclosures at the application stage and extra required disclosures in the account agreement, and continuing with tough restrictions on freezing or terminating HELOCs or changing any of the terms, offering home equity lines requires a detailed knowledge of the applicable rules. Periodic billing statements are also presenting issues for some lenders. This Webinar takes a step-by-step approach, beginning with the advertising requirements, followed by the early application disclosures, then addressing the special equity line disclosures that must be included at account opening, and ending with the restrictions on changing terms and freezing or terminating these credit lines. We will also touch on the right of rescission and periodic statements. Plenty of examples and time for questions will be provided.

March 2019 Newsletter

Thu, 07 Mar 2019 17:29:01 EST

The March BCG Newsletter is here! This month's highlights include "Bureau Issues 2019 List of Rural or Underserved Counties," "Loan Originator Policy," "CFPB Opens System for Submitting Prepaid Account Agreements," "FASB Proposes an Accounting Standards Update to Ease Transition to CECL," "NCUA Proposes Changes to its Supervisory Committee Audits and Verification Rules."

May BCG Webinar

Wed, 06 Mar 2019 18:13:23 EST

Aldrich & Bonnefin, PLC is pleased to invite you and your operations personnel to attend our BCG Webinar on IRS Information Reporting. Our discussion will give institutions a general understanding of the tax information reporting process. Specifically, we will discuss the taxpayer identification number and withholding certification requirements (Form W-9 and Forms W-8). We will also spend time discussing the tax information reporting requirements for deposit interest (1099-INT), miscellaneous income (1099-MISC), original issue discount (1099-OID), mortgage interest (1098), discharged debt (1099-C) and abandoned property (1099-A). Hot topics will include the latest guidance on foreign TIN requirements applicable to nonresident alien depositors and FATCA highlights.

May BCG Seminar - Bank Secrecy Act Compliance

Wed, 06 Mar 2019 13:53:01 EST

Aldrich & Bonnefin is pleased to invite you to attend our full-day Bank Secrecy Act Compliance Seminar. State and federal regulatory agencies are increasingly expecting financial institutions to increase efforts in combatting money laundering and financing of terrorism. Due to the ever-increasing regulatory scrutiny and requirements, as well as advanced money laundering schemes and terrorist financing activities, it is becoming more and more difficult to effectively manage BSA risk. At this Seminar, we will cover a wide range of BSA topics, starting with customer due diligence (CDD) obligations, including a detailed discussion of the beneficial ownership rule and related compliance issues. Our CDD discussion will also focus on providing services to high-risk customers, including marijuana-related and industrial hemp businesses. Finally, we will discuss recent BSA developments, including the FinCEN and federal banking agencies' joint statement on innovative approaches to BSA compliance.

March Monthly Telephone Briefing

Tue, 05 Mar 2019 15:23:18 EST

The March Monthly Telephone Briefing will be on Friday, March 15, 2019 from 12:00 - 1:30 p.m. This month's topic will be "California's Unclaimed Property Law." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update

Wed, 13 Feb 2019 12:13:36 EST

As BCG members are aware, lenders currently do not have to accept private flood insurance(PFI) policies. If a PFI policy meets certain criteria, a lender may choose to accept the policy. (It is the lender's prerogative. It can do what it wants to do.)

February 2019 Newsletter

Thu, 07 Feb 2019 17:55:29 EST

The February BCG Newsletter is here! This month's highlights include "CFPB Asks Congress for MLA Supervision Authority," "Two Percent Interest on Impounded Insurance Proceeds," "CFPB Settles USAA Federal Savings Bank Alleged EFTA Violations," "U.S. Supreme Court Declines to Hear Another CFPB Constitutionality Case," "Unlawful Detainer Statutes Must Be Strictly Followed After Nonjudicial Foreclosure," "NCUA Letter Advises of 2019 Supervisory Priorities," "Increase Made to Asset-size Threshold for Defining Small and Intermediate Small Banks."

February BCG Monthly Telephone Briefing

Thu, 07 Feb 2019 14:25:25 EST

The February BCG Monthly Telephone Briefing will be on Friday, February 15, 2019 from 12:00 - 1:30 p.m. This month's topics will be "Impact of the Legalization of Industrial Hemp Under the 2018 Farm Bill." We hope you will join us for the Briefing and the Q&A immediately following.

March BCG Webinar

Mon, 04 Feb 2019 14:39:15 EST

With all the different types of business entities, lenders and new accounts personnel have challenges in properly identifying their customers or members and understanding the entities' legal structures. Customer Identification Program (CIP) rules impose specific regulatory requirements for identifying borrowers. In addition, the Beneficial Ownership Rule applies. For example, a failure to identify a borrower properly may not only impair the lender's security interest and put the collectability of the entire loan at risk due to UCC Article 9's requirements, but also could result in compliance violations. The same can be said if an institution fails to properly identify a new customer opening a deposit account - it could result in any number of compliance violations, including violations of OFAC, BSA and IRS information reporting regulations. This Webinar will address these issues in a "workshop" format providing checklists for the types of documents that financial institutions should obtain from the various types of business entities.

February BCG Webinar

Mon, 04 Feb 2019 14:32:20 EST

Financial institutions that process automated clearing house (ACH) transactions are exposed to various types of risk when providing ACH origination services or receiving ACH transactions. For example, in providing ACH origination services as an originating depository financial institution (ODFI), one of the primary sources of risk generally comes from the warranties that ODFIs provide to other ACH participants, including that all ACH transactions are properly authorized and that the information in the ACH entries is correct. ODFIs are required to indemnify other ACH participants for losses incurred due to a breach of this warranty. As a receiving depository financial institution ("RDFI"), institutions are exposed to risk in the form of unauthorized ACH transactions, misrouting ACH transactions, untimely returns, as well as general credit and operational risks. Both ODFIs and RDFIs also have risk exposure for non-compliance with the NACHA Rules, including potential fines and penalties. This Webinar will discuss various ACH risks presented to institutions functioning as ODFIs and RDFIs and discuss how financial institutions can manage those risks. We will also discuss some of the recent and upcoming changes to the NACHA Rules that may impact a financial institution's ACH risk exposure.

April BCG Seminar - Construction Lending

Thu, 31 Jan 2019 12:44:53 EST

While the economy seems to continue to grow, there is nonetheless some uncertainty as to what lies ahead for the economy as well as for construction and development. As a result, construction lenders must carefully underwrite and structure construction loans in ways that meet their clients' needs while at the same time minimize the potential for losses. Now more than ever, a construction lender must understand and appreciate the importance of due diligence, appropriate structuring of construction loans, sound credit administration practices, and resolving disputes with the key players in construction projects as quickly and as smoothly as possible. With this in mind, Aldrich & Bonnefin is pleased to invite you, your lending professionals, your note department personnel and your audit and loan review staff to our Seminar on Construction Lending. This Seminar will focus on due diligence issues, structuring and administering construction loans, and managing risk associated with construction loans.

March BCG Webinar

Fri, 11 Jan 2019 13:04:00 EST

This comprehensive webinar will cover various forms of deposit promotions and their compliance considerations, including lotteries, sweepstakes and more. California recently made it easier for financial institutions to offer lottery promotions in connection with savings accounts. We will cover lotteries, legal and illegal. The presentation will also address pressing questions related to other promotions. When is an account really "free" and what are the risks associated with these promotions? We will take a closer look at the "lessons learned" by other institutions. Privacy and other considerations impacting "refer a friend" promotions will be addressed. The creative and ever changing programs used to entice CD deposits will be explored as well. We will also review regulatory compliance expectations, including Regulation DD advertising disclosure requirements and IRS information reporting.

January 2019 Newsletter

Thu, 10 Jan 2019 13:36:43 EST

The January BCG Newsletter is here! This month's highlights include "NFIP Extended Until May 31, 2019," "FDIC Issues Final Rule on Reciprocal Deposits; Seeks Comments on Brokered Deposit Rule," "NCUA & State Regulators Launch Alternating Exam Pilot Program."

Important Update

Wed, 09 Jan 2019 17:24:17 EST

On December 21, 2018, a day before the federal government shutdown, Congress approved and the president signed the National Flood Insurance Program Act (S. 3628), which extended the National Flood Insurance Program (NFIP) until May 31, 2019.

March BCG Seminar - ECOA & Regulation B and FCRA

Tue, 08 Jan 2019 16:58:19 EST

Aldrich & Bonnefin is pleased to invite you to a Seminar on the Equal Credit Opportunity Act (ECOA), its implementing Regulation B, and the Fair Credit Reporting Act (FCRA). As we will discuss during this seminar, ECOA applies to every loan and every aspect of a credit transaction. To top it off, FCRA applies every time you pull a credit report. So, outside of not making loans or never pulling a credit report, there is no way around ECOA and FCRA compliance. This seminar will show you how to walk through ECOA and FCRA's heavy hitters, such as the adverse action notice rules, the signature rules and when you may pull a credit report. For the adverse action notice rules, we will breakdown: (i) when you must include credit scores in these notices; and (ii) the differences between an inquiry, application and completed application. Speaking of applications, now that TRID has given us another definition of "application," creditors are regularly confused as to which definition of "application" applies in the case of ECOA and FCRA - what's an application for the adverse action rules; what's an application allowing you to pull a consumer report? We will make sense of this too. We will also discuss fair lending developments, such as the California Unruh Act's citizenship and immigration status prohibited bases, redlining and discrimination concerns with "big data" usage.

January BCG Webinar

Tue, 08 Jan 2019 13:55:52 EST

With the increase in incidents of cybersecurity breaches, appreciating the rights and responsibilities of financial institutions involved in conducting wire transfers has never been more important. The potential exposure to a financial institution for unauthorized or defective wire transfers will vary depending on the security procedures implemented by the sending financial institution. We will discuss potential defenses to unauthorized wire transfers and the need for using security procedures that are commercially reasonable for a particular customer. Of equal importance is understanding the circumstances under which a wire transfer can be cancelled or amended. Did you know there is an inherent risk as an originator's bank to act on a customer's request to cancel or amend a recently sent wire transfer? Should a sending bank agree to provide an indemnification agreement to the beneficiary bank when requesting a return of previously wired funds? Knowing the indemnity rights specifically established by the UCC that are imposed in connection with the wire transfer process is an absolute necessity. These and other issues will be explored in detail in this webinar in order to help financial institutions implement appropriate policies and procedures for dealing with both outgoing and incoming wire transfers.

January BCG Monthly Telephone Briefing

Mon, 31 Dec 2018 15:01:22 EST

The January BCG Monthly Telephone Briefing will be on Friday, January 18, 2019 from 12:00 - 1:30 p.m. This month's topics will be "Real Estate Appraisal Regulations: Updated FAQs, Revised Exemptions and Other Recent Developments," "Proposed Amendments to Regulation CC's Funds Availability Requirements," and "Regulation J Final Rule on Electronic Check Collection." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update

Mon, 24 Dec 2018 18:07:03 EST

On December 21, 2018, a day before the federal government partially shut down, Congress approved and the President signed the National Flood Insurance Program Act (S. 3628), which extends the National Flood Insurance Program (NFIP) until May 31, 2019.

Important Update

Thu, 20 Dec 2018 19:54:12 EST

As BCG previously reported, the National Flood Insurance Program (NFIP) was set to expire on December 7, 2018. On that expiration date, President Trump signed Joint Resolution H.J. 143, extending NFIP funding through December 21, 2018.

December 2018 Newsletter

Thu, 13 Dec 2018 17:29:22 EST

The December BCG Newsletter is here! This month's highlights include "Congress Extends NFIP Until December 21," "Agencies Encourage Innovative Approaches to AML Compliance," "FDIC Announces Initiatives to Encourage De Novo Banks" "DBO Requests Comments on Proposed Commercial Financing Disclosures," "DOJ and Hudson Valley FCU Settle SCRA Allegations."

February BCG Webinar

Wed, 12 Dec 2018 15:36:20 EST

Under rules that became effective in 2014, all "loan originators" of dwelling-secured credit must receive training on state and federal laws applicable to their job duties. This requirement appears as part of the loan originator qualification requirements in Regulation Z. It applies to all residential mortgage loan originators, both employees and third-party mortgage brokers. The training requirements apply to a loan originator regardless of whether he or she meets the definition of a "mortgage loan originator" under the SAFE Act. Under Regulation Z, the term "loan originator" is defined broadly and includes any employee who takes an application for a residential mortgage or offers, arranges or assists a consumer in obtaining or applying for a dwelling-secured, closed-end loan. The rule is limited to closed-end mortgages; home equity lines of credit are not covered. This two-hour Webinar will provide training that is relevant to all loan originators and will help fulfill their training requirements under Regulation Z. Under Regulation Z, training must cover both federal and state law applicable to the LO's job responsibilities. This Webinar will cover both state and federal law.

January BCG Webinar

Wed, 05 Dec 2018 18:35:10 EST

Servicemembers who wish to borrow money are protected by two very different bodies of law: the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA). Together the MLA and SCRA provide a complex array of protections to servicemembers. For example, the SCRA imposes a maximum interest rate of 6% on all credit extended to active duty servicemembers but only if the loan was made before active duty commenced. The MLA regulations, in contrast, generally apply to credit extended during the period of active military service. The MLA imposes a maximum "military APR," requires certain disclosures, and prohibits certain contract provisions such as waivers of rights. The MLA even specifically regulates how a creditor is to determine the military status of an applicant who applies for a covered loan. In this webinar we will carefully walk through the coverage, exemptions, required disclosures and substantive requirements of the MLA and the SCRA.

December BCG Monthly Telephone Briefing

Mon, 03 Dec 2018 12:41:35 EST

Each year the California Legislature introduces measures many of which are signed into law by the Governor. The focus of the Legislature this past year seemed to lean toward non-real estate secured lending and privacy concerns. Other efforts focused on banking operations. In keeping with tradition, we will present our annual Legislation Update, a single handout that summarizes state legislation enacted during the 2018 session. Most of these measures will take effect January 1, 2019. Our discussion will focus on matters affecting financial institutions, including new California laws that impact consumer lending, commercial lending, deposit accounts, privacy and corporate governance. Our Legislation Handout is designed to provide management, directors and staff with a fast-paced update on what happened in Sacramento during the past year that will impact California financial institutions in 2019.

February BCG Seminar - General Banking Operations

Wed, 28 Nov 2018 18:05:16 EST

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a Seminar addressing operations compliance. We will discuss recent developments and updates in a number of banking operations areas. The Seminar will also include an overview of considerations and requirements triggered when opening a deposit account for nonresident alien individuals and foreign entities. As part of this discussion, we will go through the various IRS Forms W-8. Additionally, the presentation will include issues and processes triggered when an institution is notified of an account holder's death. This death of depositor discussion will include small estate processes, as well as estates subject to probate. We will also cover powers of attorney, including content requirements and related risks (general, durable, statutory, and trustee scenarios). Last, we will provide an operations roundup of current hot topics.

January BCG Seminar - Loan Workouts and Collections

Mon, 26 Nov 2018 11:48:07 EST

Over the last few years, lenders have generally enjoyed good credit quality and a minimum of nonperforming loans. However, with interest rates increasing, the economic cycle maturing, and borrower stress likely to follow, financial institutions should begin to staff up for loan workouts and collection activities. While exploring creative ways of re-structuring these loans in an effective workout, lenders must also hone their skills relating to the collection process. Ultimately, if attempts at a loan workout fail, the lender may be faced with foreclosing on and liquidating its collateral so as to minimize any potential losses. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend a seminar on Loan Workouts and Collection Issues. This seminar will address loan workout structuring and alternatives, as well as regulatory and accounting issues raised in the collection process. In addition, the seminar will include a discussion of issues lenders may encounter when foreclosing on personal property collateral, as well as issues related to foreclosing on real estate collateral.

November 2018 Newsletter

Fri, 09 Nov 2018 16:52:15 EST

The November BCG Newsletter is here! This month's highlights include "NFIP Set to Expire on Nov. 30," "Regulation Z Coverage of Business Credit Cards," "'Consumer' Information Carved Out of California's New Privacy Act but Sole Proprietor Info Remains Covered," ""California Law" Imposes Women Director Minimums," "Real Estate Appraisal FAQs Updated," "NCUA Issues Narrative Approach Guidance," "FFIEC Releases 2017 CRA Small Business, Small Farm and CD Loan Data."

November BCG Monthly Telephone Briefing

Mon, 22 Oct 2018 19:31:01 EDT

The November BCG Monthly Telephone Briefing will be on Friday, November 16, 2018 from 12:00 - 1:30 p.m. This month's topics will be "Legislature Amends New Privacy Act to Exempt Most Consumer Purpose Information " and "The Homeowner Bill of Rights (It's Back!)" We hope you will join us for the Briefing and the Q&A immediately following.

November BCG Webinar

Fri, 12 Oct 2018 13:38:08 EDT

Since the adoption of the Gramm-Leach-Bliley Act in 1999 (GLBA), information security breaches have become commonplace but are, if anything, becoming more terrifying. Breaches of data systems can expose a financial institution to regulatory criticism, civil liability and reputation risk. The banking regulators were prescient in seeing that security breaches are inevitable. While efforts must be made to prevent them, the real focus of examiners is not on prevention but on the response. This webinar will address the do's and don'ts of responding to an information security breach at a depository institution.

October BCG Webinar

Fri, 12 Oct 2018 11:43:02 EDT

Over the last few years, lenders have generally enjoyed good credit quality and a minimum of nonperforming loans. However, with interest rates increasing, the economic cycle maturing and borrower stress likely to follow, financial institutions should begin to staff up for loan workouts and collection activities. While exploring creative ways of re-structuring these loans in an effective workout, lenders must also hone their skills relating to the collection process. Ultimately, if attempts at a loan workout fail, the lender may be faced with foreclosing on and liquidating its collateral so as to minimize any potential losses. To complicate this process, the effects of a bankruptcy filing also must be considered. With this in mind, Aldrich & Bonnefin, PLC is pleased to invite you to attend a webinar on Selected Loan Workout and Collection Issues. This seminar will address loan workout structuring and alternatives, as well as regulatory issues raised in the collection process. Selected bankruptcy issues will also be considered. In addition, the seminar will include a discussion of issues lenders may encounter when foreclosing on real estate collateral, as well as issues related to foreclosing on personal property collateral.

October BCG Webinar

Fri, 12 Oct 2018 11:34:42 EDT

The flood insurance regulations are only a few pages' long. Although they may be short, there's nothing sweet about them. To understand these regulations, one must be able to read in between the lines - for example one must know how FEMA operates, and which portions of FEMA's Guidelines and interagency Q&As are still relevant. This two-hour webinar will help you put together the flood insurance regulations puzzle so you can read in between the lines.

October 2018 Newsletter

Thu, 11 Oct 2018 19:09:18 EDT

The October BCG Newsletter is here! This month's highlights include "Bureau Proposes to Simplify "Disclosure Sandbox" Policy." "Closing Disclosure for Seller," "FDIC Proposes Rule Reciprocal Deposits' Treatment," "Agencies Disclaim Guidance Documents' Legal Force," "NCUA Proposes Increase to Appraisal Threshold for Non-Residential Real Estate Loans and More," "California Supreme Court: Employees Must be Paid for Off-the-Clock Work."

November BCG Webinar

Thu, 11 Oct 2018 17:42:06 EDT

Aldrich & Bonnefin is pleased to invite you to attend our Webinar on the new Beneficial Ownership Rule. Com-plying with the new rule can still be somewhat difficult despite multiple FAQs having been issued by FinCEN. While we will cover the basic requirements for obtaining beneficial ownership information for customers, we will also attempt to explain some of the more confusing and vague areas. During this Webinar, we will cover the FAQs as well as how those FAQs have raised yet other compliance concerns. This will include treatment of CD and loan renewals, what is actually considered a new account, applying the rule to new services for existing accounts, and the treatment of both property management accounts and formal trusts.

October BCG Monthly Telephone Briefing

Tue, 25 Sep 2018 13:01:43 EDT

The October BCG Monthly Telephone Briefing will be on Friday, October 19, 2018 from 12:00 - 1:30 p.m. This month's topics will be "Overdraft Protection Practices Update." We hope you will join us for the Briefing and the Q&A immediately following.

December BCG Webinar

Mon, 24 Sep 2018 13:10:11 EDT

On December 12, 2018, Aldrich & Bonnefin will present a Webinar to highlight the regulatory changes that will impact financial institutions, with a special focus on those that will require action in 2019. The presentation will include a high-level review of developing areas in the financial services industry (including laws, regulations and products) expected to undergo changes next year, including consumer and mortgage lending, banking operations and corporate governance.

33rd Annual BCG Management & Directors Seminar

Fri, 14 Sep 2018 18:20:12 EDT

Keynote Speaker: Kathy L. Moe San Francisco Regional Director Federal Deposit Insurance Corporation Presenting: "FDIC Initiatives & California Banking Trends" Other Topics Presented by: Mark E. Aldrich, Robert K. Olsen, & Anne M. McEvilly o Looking Past Regulatory Relief - Opportunities & Risks Ahead o Consumer & Mortgage Lending Regulatory Update o Banking Operations and FinTech Hot Topics o Commercial Lending Trends o Top 10 Risk Management Issues for 2019

September 2018 Newsletter

Fri, 14 Sep 2018 16:59:51 EDT

The September BCG Newsletter is here! This month's highlights include "HMDA Data Collection Relief is Finally Here!" "CFPB Amends Reg P Annual Privacy Notice Requirements," "Agencies Adopt Relief Act Small Bank Exam Schedule," "Bill Clarifies Restrictions on Salary Information Requests," "NCUA Issues CDD and Beneficial Ownership Rule Exam Guidance," "OCC Revises Policy for Downgrading CRA Ratings."

November BCG Seminar - Community Reinvestment Act

Tue, 11 Sep 2018 14:50:49 EDT

While there has been some recent action toward reform, the Community Reinvestment Act (CRA) regulations have remained constant during the past several years. Nevertheless, the examination process continues to stress the importance of compliance with CRA and the role of compliance and CRA officers in directing and monitoring activities to ensure adherence to the CRA regulations. CRA examinations do not evaluate a bank's process for complying with CRA, but rather the results of its lending, investment and service activities in meeting the credit needs of its local communities, including low- and moderate-income neighborhoods. As such, banks need to develop effective strategies for complying with CRA. Our Community Reinvestment Act Seminar is designed to assist you in understanding the performance criteria that applies to your bank, what qualifies as "community development," and how your bank's performance context - such as the bank's capacity and constraints and the needs and opportunities within its assessment area - can impact its CRA performance. This Seminar also will provide an update regarding the 2018 amendments made to Regulation C (HMDA) and the impact those changes may have on a bank's CRA performance.

September BCG Monthly Telephone Briefing

Fri, 07 Sep 2018 17:44:21 EDT

The September BCG Monthly Telephone Briefing will be on Friday, September 21, 2018 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Amends Annual Privacy Notice Requirements Under Regulation P" and " California Courts Begin to Attack Deposit Fees and Loan Charges." We hope you will join us for the Briefing and the Q&A immediately following.

September Webinar

Mon, 20 Aug 2018 16:09:53 PDT

Globalization of commerce has resulted in a dramatic increase in the need for letters of credit. More and more regional and independent financial institutions have found that in order to adequately service their clients, they must offer standby and commercial letters of credit products and services. Aldrich & Bonnefin is pleased to invite you, your commercial lending staff and your international banking personnel to attend our webinar on Letters of Credit. In this Webinar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on regulatory issues and document examination issues relating to standby and commercial letters of credit.

August 2018 Newsletter

Thu, 09 Aug 2018 09:25:00 PDT

The August BCG Newsletter is here! This month's highlights include "NFIP Extended to November 30, 2018," "TCF National Bank Settles Marketing and OD Allegations for Over $25 Million," "Agencies Issue Second Statement on Relief Act Impact," "More on Interagency Statement on Relief Act Impact," "New State Law Gives More Protection from Sexual Harassment Defamation Claims,"

August Monthly Telephone Briefing

Fri, 03 Aug 2018 15:02:55 PDT

August's BCG Monthly Telephone Briefing will be on Friday, August 17, 2018 from 12:00 - 1:30 p.m. This month's topics will be "Corporate Records Management and Retention Guidelines" and "California Adopts Sweeping Personal Privacy Bill." We hope you will join us for the Briefing and Q&A(s) immediately following.

October BCG Seminar – Legal Processes

Tue, 31 Jul 2018 14:30:22 PDT

Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on Legal Processes. The program will focus on levies and subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include the fundamentals of processing a levy and the important principles for determining whether a business or personal account is subject to levy. In addition to levies and executions, we will discuss how to respond to requests for customers' financial records. During this segment, the program will focus on civil subpoenas as well as government requests for information under the California and Federal Right to Financial Privacy laws. This Seminar is intended to be of benefit to individuals with all levels of experience.

July BCG Monthly Telephone Briefing

Fri, 13 Jul 2018 11:43:55 PDT

During last month's BCG Telephone Briefing, we covered record retention issues regarding loan records that financial institutions often face, including balancing the legal aspects of retaining records as well as business considerations regarding records management. In addition, as part of the handout entitled, Loan Records Management and Retention Guidelines, we distributed an updated record retention schedule for loan records. At this month's BCG Telephone Briefing, we will discuss the same issues but with a focus on managing operations records. These types of records include those created pursuant to the BSA regulations (such as CTRs, SARs and funds transfer orders), monthly statements for deposit and share accounts, deposit account agreements and many more. We will also provide an updated record retention schedule for operations records. Please join us as we lay out the issues involved in maintaining a well-run records management program.

September BCG Seminar - Truth in Lending Act & Regulation Z

Fri, 13 Jul 2018 10:07:14 PDT

The Truth in Lending Act and Regulation Z continue to challenge compliance professionals and lenders alike in many different ways - from the coverage rules (what's covered and what's not) to the TRID disclosures and TRID 2.0. We will delve into the intricacies of the construction loan disclosures under TRID 2.0, including how to allocate costs when disclosing a construction-to-perm loan as separate transactions and how to complete the cash-to-close table. Our TILA and Regulation Z Seminar also will discuss what is a finance charge - and what is not. We will discuss selected issues relating to home equity line disclosures. We will also discuss the coverage rules and exemptions under Regulation Z, and the advertising rules as they pertain to both closed-end credit and open-end credit. We will also review the types of loans subject to the ability-to-repay rules under Regulation Z.

July 2018 Newsletter

Thu, 12 Jul 2018 14:35:22 PDT

The July BCG Newsletter is here! This month's highlights include "Agencies Issue Statement on Relief Act HMDA Amendments," "Regulation B: Intent to Apply as Joint Applicants," "Wells Fargo Sued for Mobile Check Deposit Patent Infringement," "SEC Increases Smaller Reporting Company Threshold," "NCUA Amends FOM Rule; Retains CBSA Population Limit," "Supreme Court Upholds Employee Arbitration Agreements' Class Action Waivers," "OCC Bulletin Clarifies CRA Supervisory Policies and Processes."

September BCG Webinar

Fri, 22 Jun 2018 10:03:50 PDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations personnel to attend our BCG Webinar on IRS Information Reporting. Our discussion will give institutions a general understanding of the tax information reporting process. Specifically, we will discuss the taxpayer identification number and withholding certification requirements (Form W-9 and Forms W-8). We will also spend time discussing the tax information reporting requirements for deposit interest (1099-INT), miscellaneous income (1099-MISC), original issue discount (1099-OID), mortgage interest (1098), discharged debt (1099-C) and abandoned property (1099-A). Hot topics will include the latest guidance on foreign TIN requirements applicable to nonresident alien depositors and FATCA highlights.

Important Update - OCC Bulletin Clarifies CRA Supervisory Policies and Processes

Tue, 19 Jun 2018 11:33:55 PDT

The Community Reinvestment Act (CRA) requires the federal banking agencies to assess a financial institution's record of helping to meet the credit needs of the institution's local community (or communities), including low- and moderate-income (LMI) neighborhoods, consistent with safe and sound operations. On June 15, 2018, the OCC issued Bulletin 2018-17 clarifying its supervisory policies and processes for conducting CRA exams and communicating the results.

June 2018 Newsletter

Thu, 07 Jun 2018 16:37:28 PDT

The June BCG Newsletter is here! This month's highlights include "President Signs Resolution Disapproving CFPB Indirect Auto Lending Guidance," "Brokering Mortgage Loans: Disclose to Consumer," "FFIEC Issues CDD and Beneficial Ownership Exam Procedures," "Deposit Account Escheatment Q&As," "Regulatory Relief Measure Signed," "NCUA Proposes Additional Payday Alternative Loan Option," "DOL Opinion Letter: FMLA-related Rest Break Compensation," "FFIEC Releases 2017 HMDA Data."

June BCG Monthly Telephone Briefing

Wed, 06 Jun 2018 14:56:28 PDT

June's BCG Monthly Telephone Briefing will be on Friday, June 15, 2018 from 12:00 - 1:30 p.m. This month's topics will be "Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155)" and "Loan Records Retention Guidelines."

August BCG Webinar

Wed, 06 Jun 2018 12:53:09 PDT

While the rules covering ATM, debit card and other electronic fund transfer claims have not changed in recent years, financial institutions need to ensure that their claims processes are still compliant and up-to-date. This webinar will address the claims process at it is impacted by Regulation E, Visa and MasterCard rules, and California law. Some of the questions that will be addressed include the following: What are the rights of financial institutions when it comes to denying these claims and does it make a difference whether the claim comes from a consumer or a commercial customer? How does a customer's negligence in handling the card and PIN impact the claims process? What are the documents an institution can request, and how long does an institution have to complete its investigation? As part of our discussion, we will also look at sample forms used in the claims handling process.

August BCG Seminar - Negotiable Instruments Law

Tue, 05 Jun 2018 09:13:23 PDT

Aldrich & Bonnefin is pleased to invite you and your operations personnel to attend our Negotiable Instruments Seminar. This seminar should prove useful to personnel involved in risk management as well as those with a more advanced knowledge of banking operations. The program should also be helpful for beginners. We will navigate the recent and long overdue Regulation CC Final Rule which reflects the reality that the nation's check collection system is now practically entirely electronic. This detailed discussion will include Regulation CC's new warranties and indemnities for electronic check collection as well as new presentment and return requirements. We will also discuss the interrelationship between Regulation CC, the UCC and the ECCHO rules for those checks which are collected outside of the federal reserve system. Finally, we will review the requirements for check signatures and endorsements, including the various types of fraud claims that may be asserted against both depositary and payor banks.

Important Update - Regulatory Relief Measure Signed

Thu, 24 May 2018 15:13:24 PDT

On May 24, 2018 President Trump signed into law S. 2155 - a measure that eases some rules adopted under the Dodd-Frank Reform Act. This article highlights some of the provisions of S. 2155, the "Economic Growth, Regulatory Relief, and Consumer Protection Act" (Relief Act), that are of particular interest to BCG members. We will discuss the new law in more detail at an upcoming BCG Monthly Telephone Briefing.

July BCG Webinar

Thu, 10 May 2018 16:59:59 PDT

Commercial lenders are called upon to finance all different kinds of collateral for their commercial borrowers. In this webinar, we will address the issues associated with special types of collateral from a lending, legal and perfection point of view. Good lending practices will be emphasized, with a focus on understanding the types of loan provisions that will assist the lender in managing different types of financing. Lenders will be made aware of certain pitfalls and problems which can be associated with the types of collateral to be addressed. Proper methods of perfection of the security interest for each type of collateral will be covered. With this in mind, Aldrich & Bonnefin is pleased to invite you to attend our Webinar entitled "Financing Special Types of Collateral." This Webinar will focus on a number of challenges and issues which commercial lenders often face when offering financing in these areas.

May 2018 Newsletter

Thu, 10 May 2018 14:46:14 PDT

The May BCG Newsletter is here! This month's highlights include "CFPB Resolves TRID "Black Hole"," "Visa Follows Other Credit Card Networks - Drops Signature Requirement," "Agencies Propose Rules to Implement New CECL Method," "NCUA Revises Advertising Rules," "Ninth Circuit: Prior Salary History Doesn't Justify Wage Differences."

May BCG Monthly Telephone Briefing

Wed, 02 May 2018 15:54:54 PDT

The May BCG Monthly Telephone Briefing will be on Friday, May 18, 2018 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Closes the TRID "Black Hole" " and "Revisiting California Homeowner Bill of Rights " We hope you will join us for the Briefing and the Q&A immediately following.

May BCG Webinar

Mon, 30 Apr 2018 14:37:28 PDT

Aldrich & Bonnefin, PLC is pleased to invite you to a Webinar on Home Equity Lines of Credit and compliance requirements under the Truth in Lending Act and Regulation Z. Home equity lines of credit are compliance intensive. With special disclosures at the application stage and extra required disclosures in the account agreement, through tough restrictions on freezing or terminating HELOCs or changing any of the terms, offering home equity lines requires a detailed knowledge of the applicable rules. Periodic billing statements are also presenting issues for some lenders. More recently the regulators' "end of draw" guidance is creating issues. This Webinar takes a step-by-step approach, beginning with the early application disclosures, then addressing the special equity line disclosures that must be included at account opening, and ending with the restrictions on changing terms and freezing or terminating these credit lines. We will also touch on the right of rescission and periodic statements and finally how to "term out" an equity line. Plenty of examples and time for questions will be provided.

July BCG Seminar - Mortgage Lending Compliance

Thu, 26 Apr 2018 09:41:02 PDT

Aldrich & Bonnefin is pleased to invite you to attend our Mortgage Lending Compliance Seminar. This program will provide an in-depth look at several compliance topics involving closed-end (non-revolving) mortgage loans. These include the all-important flood insurance regulations, the mortgage servicing rules, the 2018 HMDA rules, and TRID 2.0. We hope you will join us for this informative program on these important mortgage lending compliance topics.

June BCG Webinar

Wed, 25 Apr 2018 16:10:26 PDT

While the laws governing powers of attorney are not overly complicated, in practice determining whether to accept any given power of attorney can be difficult. Often a power of attorney is not clearly drafted which then raises concerns over whether to per-mit the attorney-in-fact to access a principal's financial ac-counts. What are the rights of financial institutions when it comes to re-lying on a power of attorney? Can the institution accept a copy of a power of attorney if the original is not available? What if there are concerns over whether the principal is incapacitated, yet the power of attorney is not durable? How is the principal's incapacitation even determined? What if there are multiple at-torneys-in-fact or multiple powers of attorney? Join us at this Webinar as we attempt to answer these and oth-er questions. As part of our discussion, we will also consider the protections afforded a financial institution when accepting a power of attorney pursuant to the California Probate Code.

May BCG Webinar

Wed, 25 Apr 2018 11:52:42 PDT

This Webinar will provide a comprehensive discussion of rules under Regulations O and W and other laws covering loans to executive officers, directors, principal shareholders of financial institutions and their related interests, and affiliate transactions. The program will cover the following topics: o Persons covered o Extensions of credit defined o General prohibitions o Terms and creditworthiness o Prior approval o Special lending limits o Loans to insiders of affiliates o Overdrafts of insiders o Loans to credit union officials o Additional restrictions on loans to executive officers o Transactions with affiliates We will also discuss related issues as to the indebtedness of executive officers and directors of registered companies, such as bank holding companies. We will also address restrictions on loans to federal and state credit union officials and senior management. Additionally we will briefly discuss restrictions on the payment of interest on deposits of insiders. Don't miss this important discussion of a hot issue for examiners!

June BCG Seminar - Commercial Real Estate Lending

Fri, 13 Apr 2018 11:17:00 PDT

While commercial real estate (CRE) lending has been a sweet spot for lenders, the market for CRE is maturing. Rising interest rates and other economic developments may pose challenges ahead. In a recent Federal Reserve Board senior loan officer survey, many responders said they were likely to tighten standards on CRE loans in 2018. So now is a good time to review your CRE lending underwriting and documentation processes. With these developments in mind, Aldrich & Bonnefin is pleased to present its Commercial Real Estate Lending seminar. We will start with a review of important legal and regulatory issues, including real estate lending standards, concentrations in CRE loans, high volatility CRE (HVCRE) capital rules and one-action, anti-deficiency and short-sale laws. We will also cover critical due diligence issues, including the recent increase in the CRE appraisal threshold to $500,000, issues relating to insuring CRE properties, and typical loan documentation issues.

April Monthly Telephone Briefing

Fri, 13 Apr 2018 11:03:26 PDT

The April Monthly Telephone Briefing will be on Friday, April 20, 2018 from 12:00 - 1:30 p.m. This month's topic will be "CFPB Prepaid Account Rule." We hope you will join us for the Briefing and the Q&A immediately following.

April 2018 Newsletter

Fri, 13 Apr 2018 10:18:43 PDT

The April BCG Newsletter is here! This month's highlights include "NFIP Temporarily Extended to July 31, 2018," "CA Fair Lending Notice: DBO Consolidation of San Francisco Offices," "FinCEN Issues More CDD FAQs," "NACHA Third-party Senders and Property Managers," "De Minimis Transaction Threshold Appraisal Exemption Increased for Commercial Loans," "SEC Issues Public Company Cybersecurity Disclosures Guidance," "D.C. District Court Overturns Part of NCUA's FOM Rule," "Treasury Recommends Ways to Modernize CRA," "Immigrant Worker Protection Act Notice Template Now Available Online."

Important Update - NFIP Temporarily Extended to July 31, 2018

Fri, 23 Mar 2018 14:35:35 PDT

After threatening to veto the appropriations bill passed by Congress, and after a news conference where President Trump declared "I will never sign another bill like this again," on Friday, March 23, 2018, the president acquiesced by signing the Consolidated Appropriations Act, 2018, funding various federal government programs, including the National Flood Insurance Program (NFIP). Under this measure, the NFIP has been extended to July 31, 2018.

July BCG Webinar

Fri, 16 Mar 2018 16:08:07 PDT

June BCG Webinar

Fri, 16 Mar 2018 16:00:32 PDT

Financial institutions are increasingly outsourcing activities and processes to third parties. It is no surprise that federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the federal regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists that incorporate the various considerations that should be a part of your vendor management program.

March 2018 Newslettter

Thu, 08 Mar 2018 09:45:41 PST

The March BCG Newsletter is here! This month's highlights include "One Lawsuit Opposing Mulvaney Dismissed," "Cannabis-Serving CU Approved for Federal Reserve Master Account," "Supreme Court: Reporting Securities Law Violations to SEC Triggers Anti-Retaliation Protections," "CA Appellate Court: Privacy Act Suit Against HSBC May Proceed."

Monthly Telephone Briefing

Wed, 07 Mar 2018 09:19:24 PST

The March Monthly Telephone Briefing will be on Friday, March 16, 2018 from 12:00 - 1:30 p.m. This month's topics will be "A Refresher on Notable Laws Applicable to Notaries Public." We hope you will join us for the Briefing and the Q/A immediately following.

May BCG Seminar - Bank Secrecy Act Compliance

Tue, 06 Mar 2018 10:17:17 PST

Aldrich & Bonnefin is pleased to invite you to attend our full-day Bank Secrecy Act Compliance Seminar. Due to the ever-increasing regulatory scrutiny, as well as advanced money laundering schemes and terrorist financing activities, it is becoming more and more difficult to effectively manage BSA risk. At this Seminar, we will cover a wide range of BSA topics, starting with customer due diligence obligations, including a detailed discussion of the beneficial ownership rule and related compliance issues. We will also discuss recent BSA developments, such as the FDIC's BSA supervisory update, recent enforcement actions and changes to the Suspicious Activity Report forms.

April BCG Webinar

Thu, 01 Mar 2018 16:26:42 PST

March BCG Webinar

Thu, 01 Mar 2018 11:38:09 PST

An area that continues to perplex lenders under the Truth in Lending Act is the right of rescission. Under Regulation Z the right of rescission allows the consumer some time to think over a credit transaction that involves a non-purchase money lien on the consumer's home and to cancel the transaction if desired. However, it is the lender's responsibility to determine whether a particular transaction is subject to the right of rescission, and if so, properly complete and provide the rescission notices and related transaction disclosures. If the rescission notice is never delivered to the consumer or is incorrect, there are harsh consequences for the lender, including an extension of the consumer's rescission period for up to three years. To complicate matters further, there are different procedures to follow for closed-end and open-end credit transactions. For example, not all creditors realize that renewing a home equity line of credit can often trigger a new right of rescission. This Webinar clarifies these murky issues and provides listeners an opportunity to ask questions and get answers from the expert. Join us for a rescission review because no institution wants to be caught on the wrong side of Regulation Z!

Monthly Telephone Briefing

Thu, 15 Feb 2018 11:21:57 PST

The February Monthly Telephone Briefing will be on Friday, February 16, 2018 from 12:00 - 1:30 p.m. This month's topic will be "Lending Limits - Not Putting All Your Eggs in One Basket." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - Federal Government Temporarily Funded Until March 23, 2018

Fri, 09 Feb 2018 11:55:14 PST

In the wee hours of Friday, February 9, 2018, Congress agreed and the President signed the Bipartisan Budget Act, funding the federal government, including the National Flood Insurance Program, until March 23, 2018. We will keep BCG members apprised of further congressional action. In the meantime, contact Stephanie Shea at SShea@ABLawyers.com with questions concerning the NFIP.

March BCG Webinar

Fri, 09 Feb 2018 09:00:18 PST

Financial institutions have an obligation to properly identify and document both new and existing customers and should ensure that they are dealing with the individuals authorized to act for a particular customer. Trying to determine not only the customer's "legal name" but also who is authorized to act on behalf of a particular customer and whether that customer poses a BSA risk is becoming increasingly more difficult. Please join us as we discuss account documentation in a way that will help your institution satisfy its CIP obligations, including identifying the individuals authorized to act on behalf of business and fiduciary customers. This Webinar will be a helpful learning experience for both seasoned and less experienced new accounts personnel. Because these same documentation requirements apply when identifying individual and business loan applicants, this Webinar will also be helpful to loan officers and other lending personnel.

February 2018 Newsletter

Wed, 07 Feb 2018 15:30:21 PST

The February BCG Newsletter is here! This month's highlights include "2018 HMDA LAR Formatting Tool Now Available," "Claiming SB 2 $75 Recording Fee Exemption," "Secret Service, Diebold Nixdorf and NCR Issue ATM Jackpotting Alerts," "Bureau Contemplates Changing CID Process," "Possible CRA Credit for Revitalization Activities in Areas Hurricane Maria Impacted."

April Seminar - Consumer Lending Compliance

Wed, 07 Feb 2018 14:04:16 PST

Aldrich and Bonnefin is pleased to invite you and your lending staff to attend a Seminar on Consumer Lending Compliance. This presentation will focus on the many state and federal laws and regulations that govern the steps in the life of a consumer loan including: receiving and processing an application; loan closing; servicing; and making subsequent changes. Special attention will be given to current regulatory compliance developments, as well as some consumer loan products, such as credit cards and auto loans. Please note that this Seminar will not cover basic consumer lending documentation, but rather will be a survey of federal and state compliance laws and regulations affecting consumer lending. In addition, we will not cover mortgage lending compliance issues. We will assume attendees have at least one year of consumer lending experience.

February BCG Webinar

Wed, 07 Feb 2018 12:26:20 PST

Fair lending is a broad legal and compliance concept that protects equal access to credit in the United States. At its root, fair lending means that similarly situated applicants and borrowers should receive similar treatment. Equality of results is not required but equality of process is. Financial institutions and other lenders are experiencing increased pressure from regulators, not least of which is the Consumer Financial Protection Bureau, to enhance their fair lending processes. Fair lending does not happen by accident; rather, it is a mandated, ongoing process. Every regulated lender must have a written fair lending program in place, addressing every aspect of the lending process, from marketing and underwriting to pricing and servicing. Fair lending is not limited to residential lending - it extends to commercial and consumer lending of all types. We recently have seen close scrutiny of minimum loan amounts, discretionary credit pricing and redlining. This 90-minute Webinar will provide an update on fair lending laws and processes for lenders of all types. A detailed written outline will be provided (not just sketchy PowerPoint slides). Plenty of time will be allowed for questions and answers. Some familiarity with lending processes will be assumed.

Monthly Telephone Briefing

Wed, 07 Feb 2018 11:54:17 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 16, 2018 from 12:00 - 1:30 p.m. This month's topic will be "Lending Limits - Not Putting All Your Eggs in One Basket." We hope you will join us for the Briefing and the Q&A immediately following.

January 2018 Newsletter

Thu, 11 Jan 2018 10:08:00 PST

The January BCG Newsletter is here! This month's highlights include "NFIP Funded Until January 19, 2018," "TRID: Revised LE After CD," "CFPB Expects to Amend Prepaid Accounts Rule," "Guidance Issued on Conducting Exams of Institutions Impacted by Major Disasters," "California Bank Settles Overtime Compensation Litigation," "FFIEC Re-Issues 2016 CRA Small Business and Small Farm Data."

January BCG Monthly Telephone Briefing

Tue, 02 Jan 2018 16:24:27 PST

California SB 2 Imposes New $75 Recording Fee A new California bill, SB 2 (Chapter 364), became effective on January 1, 2018. The bill imposes a new $75 recording fee on many documents that are recorded with the various county recorders in California, including deeds of trust and reconveyances. Financial institutions need to be aware of the new bill (and new fee) so as to be able to collect it from their borrowers on covered transactions and, where applicable, disclose it under Regulation Z (TRID and HELOC rules). As a general matter the new fee applies to almost any recordable instrument but there is a significant exemption for most purchase transactions. Specifically, the bill exempts any transaction that is subject to a documentary transfer tax and any sale of an owner-occupied residence. The net result is that the new $75 fee will be required on the following types of transactions: refinances, equity loans and equity lines, construction loans (unless the land is being purchased with loan proceeds), reconveyances, and any other documents that are recorded in a non-purchase transaction, such as a power of attorney that is recorded in connection with an otherwise covered transaction. Private Flood Insurance Update With each passing day, more and more borrowers are obtaining private flood insurance (PFI) policies instead of purchasing National Flood Insurance Program (NFIP) policies. As a result, our clients continue to call and email us, asking the following three questions: "Do we have to accept a PFI policy?" "If we don't have to accept PFI, may we?" "If accepting PFI is optional, should we accept it?" In this month's BCG Telephone Briefing, we will answer all three of these questions at length. We will also discuss when, if ever, regulated lenders may have to accept PFI and the status of the NFIP. Join us for this Telephone Briefing as we wade through the PFI storm. As always we will leave plenty of time for questions and answers.

February BCG Webinar

Thu, 04 Jan 2018 15:09:35 PST

Aldrich & Bonnefin is please to invite you and your staff to attend our Webinar entitled "New April 2018 Mortgage Servicing Rules." Beginning on April 19, 2018, new mortgage servicing rules for closed-end mortgage loans will take effect which will impact small and large servicers alike. If you're asking yourself, "what new rules?," you need to register for this Webinar! This Webinar will provide a useful review of the new requirements relating to "successors in interest" and "confirmed successors in interest," which have been incorporated into both TILA (Regulation Z) and RESPA (Regulation X). Lenders will be required to provide certain disclosures under Regulations Z and X to confirmed successors in interest. We'll discuss which disclosures and other rules will apply to confirmed successors in interest. In addition we will discuss the new mortgage periodic statement requirements under Regulation Z, which will require lenders to send modified periodic statements (or coupon books) for certain consumers in bankruptcy. We will have at least two Q&A sessions to allow participants to ask questions during the program.

January BCG Webinar

Thu, 04 Jan 2018 10:38:24 PST

Commercial lending continues to be subjected to ever greater regulation, so commercial lenders need a working knowledge of the applicable regulations. Contrary to popular belief, commercial loans are subject to many of the so-called "consumer" regulations, as well as non-consumer regulations, such as flood insurance and Regulation B. This Webinar will offer a practical approach to knowing when particular regulations apply to commercial loans and what the basic rules are. Loan officers, credit administrators, compliance managers and loan documentation personnel will benefit from this learning experience. At least two Q&A sessions will be provided.

January BCG Webinar

Thu, 04 Jan 2018 10:17:10 PST

January BCG Webinar

Wed, 03 Jan 2018 14:51:18 PST

Financial institutions and other lenders are now subject to the new data collection requirements under HMDA and "new" Regulation C, which went into effect on January 1, 2018. The implementation process has been challenging for everyone - and questions continue to be raised regarding how to comply with the new rules. Join us as we briefly review the 2018 coverage rules for lenders and the types of transactions that are subject to HMDA reporting (and those that are not). We will also address in more detail the complicated demographic information collection and reporting requirements, the FFIEC's HMDA examiner transaction testing guidelines, and focus on some of the more problematic aspects of the new data collection requirements.

March BCG Seminar - Employment Law

Wed, 03 Jan 2018 11:21:15 PST

The rules and regulations governing the employment relationship create a veritable minefield for the unsuspecting employer. To successfully negotiate this minefield, an employer, through its human resources department and its managers and supervisors, must manage the risks presented by the employment relationship with vigilance and proactive legal counseling from attorneys well-versed in employment law. To this end, Aldrich & Bonnefin, PLC is pleased to invite you, your human resource manager and staff, and your managers and supervisors, to our Employment Law Seminar. This Seminar will focus on a practical approach to some of the day-to-day issues that are presented by the employment relationship. Each topic will be discussed with the objective of identifying strategies and procedures for effectively managing the employment relationship.

January BCG Monthly Telephone Briefing

Tue, 02 Jan 2018 16:24:27 PST

With each passing day, more and more borrowers are obtaining private flood insurance (PFI) policies instead of purchasing National Flood Insurance Program (NFIP) policies. As a result, our clients continue to call and email us, asking the following three questions: "Do we have to accept a PFI policy?" "If we don't have to accept PFI, may we?" "If accepting PFI is optional, should we accept it?" In this month's BCG Telephone Briefing, we will answer all three of these questions at length. We will also discuss when, if ever, regulated lenders may have to accept PFI and the status of the NFIP. Join us for this Telephone Briefing as we wade through the PFI storm.

December 2017 Newsletter

Fri, 08 Dec 2017 15:34:44 PST

The December BCG Newsletter is here! This month's highlights include "Mick Mulvaney is Acting CFPB Director For Now; Places 30-day Reg Freeze," "CFPB's Payday Lending Rule," "ATM/Debit Cards and Online Banking access for Attorney-Client Trust Accounts," "OCC Issues Guidance on Impact of CRA Ratings on Banking Applications" "NCUA Issues Final Rule on MSD Appeals," "Agencies Make Minor Edits to CRA Regulations."

February BCG Seminar - Electronic Banking

Tue, 05 Dec 2017 17:12:37 PST

The scope and nature of the electronic banking products and services offered by financial institutions continues to expand as technology advances. In this full-day Seminar, we will address various rules and regulations relating to funds transfers, such as Regulation E error resolution rules and related issues, the NACHA Rules and the UCC. Our NACHA Rules session will include a discussion on the same-day ACH settlement rules. We will also discuss a number of relatively new electronic banking services that have emerged in recent years. This discussion will include the Visa/MasterCard automatic account updater, cardless cash, debit card alerts and virtual wallets.

December BCG Monthly Telephone Briefing

Tue, 05 Dec 2017 16:59:23 PST

The December BCG Monthly Telephone Briefing will be on Friday, December 15, 2017 from 12:00 - 1:30 p.m. This month's topics will be "2018 Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

January BCG Seminar - Loan Participations

Tue, 05 Dec 2017 09:52:52 PST

Interest in the purchase of participations in commercial loans and also the purchase of whole commercial loans has increased over the last several years. Smaller institutions see these purchases as a way of growing their commercial loan portfolios, while larger institutions see the sale of participations and whole loans as a way of diversifying their portfolios. Institutions both large and small may look to participations as a way of dealing with lending limit issues. Whatever the motivation, an institution buying or selling must actively analyze the risks and benefits of a transaction and aggressively negotiate the terms of each transaction in an effort to protect its interests. With this in mind, Aldrich and Bonnefin is pleased to invite you and your commercial lending staff, as well as your auditing and documentation staff, to our Seminar on loan participations and whole-loan purchases. This Seminar will not only provide a comprehensive review of the issues to be considered when selling or buying a loan participation or whole loan, but will also provide an excellent networking opportunity for lenders seeking to sell or purchase loans.

November 2017 Newsletter

Fri, 10 Nov 2017 10:05:20 PST

The November BCG Newsletter is here! This month's highlights include "President Overturns CFPB Arbitration Rule," "Data Collection for Small Business Lending," "California Appellate Case Provides Example of MPAL Joint Account Presumption," "OCC Updates List of Permissible Activities," "OCC Issues Guidance for Downgrading CRA Ratings," "NCUA Proposes Changes to Advertising Rule," "New Law Restricts Salary History Info Requests."

November Monthly Telephone Briefing

Thu, 09 Nov 2017 16:53:03 PST

The November BCG Monthly Telephone Briefing will be on Friday, November 17, 2017 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Blesses (But Cautions) Data Aggregators" and "California Financial Institutions and the Legalization of Marijuana." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - President Overturns CFPB Arbitration Rule

Fri, 03 Nov 2017 11:34:23 PDT

On November 1, 2017, President Trump signed legislation overturning the CFPB's arbitration rule that was published in July 2017. The Bureau's arbitration rule would have prohibited class action waivers in pre-dispute arbitration clauses contained in certain consumer financial services agreements. 82 FR 33210.

December BCG Webinar

Wed, 01 Nov 2017 12:31:44 PDT

On December 14, 2017, Aldrich & Bonnefin will present a Webinar to highlight the regulatory changes that will impact financial institutions, with a special focus on those that will require action in 2018. The presentation will include a high-level review of developing areas in the financial services industry (including laws, regulations and products) expected to undergo changes next year, including consumer and mortgage lending, banking operations and corporate governance.

November BCG Webinar

Mon, 30 Oct 2017 09:33:59 PDT

With all the different types of business entities, lenders have challenges in properly identifying their borrowers and understanding their legal structures. Customer Identification Program (CIP) rules impose specific regulatory requirements for identifying borrowers. In addition, the new Beneficial Ownership Rule will apply. Failure to identify a borrower properly may not only impair the lender's security interest and put the collectability of the entire loan at risk due to UCC Article 9's requirements, but also could result in a compliance violation. This Webinar will address these issues in a "workshop" format providing checklists for the types of documents that can be obtained from various types of business entities. Note that new accounts personnel would also benefit from this Webinar as these same documentation issues apply to new account customers.

October 2017 Newsletter

Fri, 13 Oct 2017 14:07:26 PDT

The October BCG Newsletter is here! This month's highlights include "California District Court: Unruh Act Lawsuit Against Wells Fargo May Proceed," "NACHA Issues Bulletin on Routing Number Scam," "Agencies Propose Simplifying Regulatory Capital Rules," "EEOC Puts an OMB-Mandated Freeze on 2017 EEO-1 Form," "Agencies Propose Minor Edits to CRA Regulations."

October BCG Monthly Telephone Briefing

Fri, 13 Oct 2017 11:14:13 PDT

The October BCG Monthly Telephone Briefing will be on Friday, October 20, 2017 from 12:00 - 1:30 p.m. This month's topics will be "CFPB and California Legislature Impose New Limitations on Arbitration." We hope you will join us for the Briefing and the Q&A immediately following.

32nd ANNUAL MANAGEMENT & DIRECTORS SEMINAR

Tue, 03 Oct 2017 16:01:55 PDT

THURSDAY, DECEMBER 8 - The St. Regis San Francisco FRIDAY, DECEMBER 9 - Newport Beach Marriott Hotel & Spa Keynote Speaker: Edwin Chow Presenting "CFPB Priorities and Areas of Focus" Other Topics Presented by: Mark E. Aldrich, Robert K. Olsen, Keith R. Forrester and Anne M. McEvilly o Changes in Financial Regulation for 2018 o Compliance Management and Lending Regulatory Update o Banking Operations and FinTech Hot Topics o Bank Examination Trends o Top 10 Risk Management Issues for 2018

November BCG Seminar - Truth in Lending Act & Regulation Z

Tue, 03 Oct 2017 15:30:03 PDT

The Truth in Lending Act and Regulation Z continue to challenge compliance professionals and lenders alike in many different ways - from the coverage rules (what's covered and what's not) to the TRIDs to the disclosure requirements that apply when modifying closed-end loans and open-end lines of credit. And the CFPB's issuance of so-called "TRID 2.0" means that lenders will need to incorporate the changes and clarifications into their TRIDs and procedures. Our TILA and Regulation Z Seminar will explain the more significant aspects of TRID 2.0, including how to allocate costs when disclosing a construction-to-permanent loan as separate transactions, how to complete the cash-to-close table, and how the CFPB proposes to address the "black hole." We will also discuss the coverage rules and exemptions under Regulation Z and selected issues regarding HELOCs. In addition, with the agencies' current emphasis on self-identifying and self-correcting violations, including TILA and Regulation Z violations, we will discuss how to avoid civil liability and administrative enforcement actions for violations according to TILA's requirements.

September 2017 Newsletter

Thu, 07 Sep 2017 16:29:45 PDT

The September BCG Newsletter is here! This month's highlights include "Bureau Temporarily Increases HMDA's HELOC Threshold and Makes Other Clarifying Changes," "Private Flood Insurance," "Bank's ID Theft Add-on Product Hit With UDAP Allegations," "Fed Proposes Board Effectiveness Guidance,"Ninth Circuit: Mortgage Underwriters Are Non-exempt Employees," "NCUA Task Force Conducts Reg Relief Review," "FFIEC Adopts HMDA Exam Testing Guidelines."

September BCG Monthly Telephone Briefing

Thu, 07 Sep 2017 12:00:05 PDT

Creditors know that certain types of dwelling-secured loans are rescindable under Regulation Z. This powerful right gives consumers up to three business days to think over a transaction that encumbers their home and to cancel (rescind) the transaction if they wish. While the right of rescission is hardly new it remains one of the trickier areas of Regulation Z as well as being high risk. Home equity lines of credit, home refinancings, home equity loans and other non-purchase money loans are usually rescindable. The September Monthly Telephone Briefing will review the basics of rescission and a few new developments. The TRID rules, for example, did not change the rescission rules themselves but totally changed the disclosures that every consumer who is entitled to rescind must receive (the Closing Disclosure on closed-end credit). The recent "TRID II" amendments touched on rescission at a couple of points. We will also discuss rescindability on HELOCs.

September BCG Webinar

Wed, 30 Aug 2017 15:38:18 PDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations personnel to attend our BCG Webinar on IRS Information Reporting. Our discussion will give institutions a general understanding of the tax information reporting process. Specifically, we will discuss the taxpayer identification number and withholding certification requirements (Form W-9 and Forms W-8). We will also spend time discussing the tax information reporting requirements for deposit interest (1099-INT), miscellaneous income (1099-MISC), original issue discount (1099-OID), mortgage interest (1098), discharged debt (1099-C) and abandoned property (1099-A). Hot topics will include the new foreign TIN requirements applicable to nonresident alien depositors, an update to Form 1098 for mortgage interest reporting, FATCA highlights, and the IRS's removal of the "nonpayment testing period" as an identifiable event for 1099-C reporting.

October BCG Webinar

Wed, 23 Aug 2017 15:47:14 PDT

When it comes to responding to a subpoena, protecting a customer's financial privacy can be extremely challenging, whether the customer is a consumer or business entity. This Webinar will focus on dealing with subpoenas served by private parties as well as those served by state and federal government agencies that request records regarding a financial institution's customers. We will also discuss how to properly respond to requests for a customer's financial records and also review in detail some of the more common subpoena forms.

October BCG Webinar

Wed, 23 Aug 2017 16:33:56 PDT

Financial institutions are increasingly outsourcing activities and processes to third parties. It is no surprise that federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the banking regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists that incorporate the various considerations that should be a part of your vendor management program.

September BCG Webinar

Fri, 18 Aug 2017 10:46:07 PDT

Attempting to determine whether a debtor listed in a levy matches the customer of an institution as identified by the institution's records can prove to be quite challenging, even to the very experienced. It does not help that the form of levy will be different depending on whether being served by a sheriff or one of the various government agencies. This Webinar will discuss the fundamentals of processing a levy and important principles for determining whether a particular type of account is subject to a levy. We will also review the various forms and discuss examples to help better understand how best to deal with any given levy.

August 2017 Newsletter

Fri, 11 Aug 2017 16:56:03 PDT

The August BCG Newsletter is here! This month's highlights include "Bureau Proposes to Increase HMDA HELOC Volume Threshold to 500; ABA Seeks Delayed Effective Date," "Tenth Circuit: Cannabis-serving CU Mildly High on Vacated Ruling," "FDIC Revises Exam Appeals Guidelines," "DBO Proposes to Eliminate Submission of Credit Union Bylaws," "CFPB Updates HMDA Resources; Issues New Resource."

August BCG Monthly Telephone Briefing

Fri, 11 Aug 2017 15:12:41 PDT

On July 6, 2017 the Consumer Financial Protection Bureau (CFPB) issued extensive final amendments to the TILA-RESPA Integrated Disclosures (TRID) rule in Regulation Z. The final rule was published in the Federal Register on August 11, 2017 and will become effective 60 days thereafter on October 10, 2017. 82 FR 37656. Compliance will not be mandatory, however, until October 1, 2018. The July 2017 amendments make a large number of mainly technical corrections to TRID. Some are helpful to understanding, some less so. Some of the more significant changes are: (i) adding a tolerance for the Total of Payments disclosure; (ii) slightly expanding the exemption from TRID for certain homeowner assistance loans; and (iii) making TRID applicable to all residential cooperative units, regardless of whether they are treated as real property under state law. The rule also clarifies that when a loan is made to a trust created for tax or estate purposes (that is, most family trusts), the disclosures may be given to the trustee on behalf of the trust. This will be convenient for creditors. However, on rescindable transactions the agency continues to insist that the rescission notices and TRID Closing Disclosures be given to "all consumers who are entitled to rescind" without ever clarifying who has the right to rescind when the property is held in trust. Cooperatives. The amendments provide that loans secured by residential cooperative units will be covered by TRID, regardless of whether the unit is treated as real property under state law. This change will have little practical impact in California because California law provides that all interests in residential stock cooperatives are real property (Civil Code Section 783.1). Thus in California loans secured by co-op units have been covered by TRID since its inception in October 2015. Black Hole. Also on July 6, 2017 the CFPB issued a short proposed rule to try once again to resolve the "black hole" that occurs when a consumer asks for a rate-lock extension within three days of closing, when it is too late to give a new Loan Estimate but too soon to give a revised Closing Disclosure. 82 FR 37794. We will discuss the new amendments which run to over 130 pages in the Federal Register at our August 2017 BCG Monthly Telephone Briefing. The discussion can serve as an early foundation for understanding the amendments when they finally become mandatory on October 1, 2018.

October BCG Seminar - Financial Privacy & Information Security

Thu, 10 Aug 2017 09:33:54 PDT

Financial privacy, information sharing and information security remain high priorities in the minds of the public and the regulators. GLBA privacy notices and concerns over cyber-security and security breaches remain important areas of risk. In recent years financial institutions have become increasingly dependent on advanced technologies to conduct their business operations as well as to provide products and services and communicate with their customers. However, with the advances in technology comes increased security risk to the confidential information of both the financial institution and its customers. These cybersecurity threats can subject customers and financial institutions alike to significant financial and reputational loss. This Seminar will address: financial information privacy under the Gramm-Leach-Bliley Act and California law (SB 1); including the scope and proper implementation of, opt-out rights; financial information security and safeguarding practices; and the information-sharing aspects of the Fair Credit Reporting Act. The Seminar will also cover the banking agencies' expectations for financial institutions to increase awareness of the numerous cybersecurity risks, and also assess and mitigate these risks.

August BCG Webinar

Tue, 08 Aug 2017 11:41:27 PDT

When examining commercial real estate loan and construction loan files, the regulators often will focus on the appraisal of the collateral in an effort to confirm that the value assigned to the collateral is a reliable value, as well as to confirm that the lender undertook a proper review of the appraisal (as required under the appraisal guidelines). Often, the examiner's scrutiny of an appraisal report will be intense, with the examiner looking for unreasonable assumptions and faulty data used by the appraiser. To avoid surprises during an examination, and in order to comply with the requirements of the appraisal guidelines, a lender must critically and thoroughly review the appraisal provided in connection with a commercial real estate or construction loan transaction. Join us for this informative Webinar as we discuss many of the issues that a lender should consider when reviewing an appraisal, including issues often raised by regulatory examiners when criticizing appraisals.

July 2017 Newsletter

Fri, 14 Jul 2017 11:51:28 PDT

The July BCG Newsletter is here! This month's highlights include "CFPB Issues Guidance on Early Compliance with Mortgage Servicing Rules; Makes Technical Corrections," "U.S. Attorney General Seeks to Resume Marijuana Enforcement," "Treasury Releases First Report on Core Principals of Financial Regulation," "ICBA and State Associations Join in Challenging NCUA Field of Membership Rule," "List of Distressed and Underserved Non-MSA Middle-Income Geographies Updated."

September BCG Seminar - ECOA/Regulation B & FCRA

Thu, 13 Jul 2017 09:14:37 PDT

Aldrich & Bonnefin is pleased to invite you to a Seminar on the Equal Credit Opportunity Act (ECOA) and Regulation B and the Fair Credit Reporting Act (FCRA). Regulation B compliance remains a top priority for lenders and examiners alike. Regulation B applies to all areas of lending, including business, consumer and mortgage lending, and imposes strict compliance requirements on every aspect of a credit transaction, including applications, underwriting, price setting and signatures on loan documents.

July BCG Monthly Telephone Briefing

Wed, 05 Jul 2017 12:37:05 PDT

The July BCG Monthly Telephone Briefing will be on Friday, July 21, 2017 from 12:00 - 1:30 p.m. This month's topics will be "Regulation CC Final Rule." We hope you will join us for the Briefing and the Q&A immediately following.

August BCG Webinar

Tue, 13 Jun 2017 10:56:57 PDT

Financial institutions and other lenders are continuing their efforts to implement the new data collection requirements under "new" Regulation C that will become effective on January 1, 2018. And in the midst of preparing for the new requirements, the CFPB has proposed "clarifications" to new Regulation C. These clarifications would address a myriad of issues including the rules governing loans to builders and other types of temporary financing, the changes to the government monitoring information (GMI) requirements, and determining whether an automated underwriting system (AUS) is reportable under the regulation. Join us as we review the 2018 coverage rules for lenders under new Regulation C, address the GMI reporting requirements and the temporary financing exclusion, and focus on some of the more problematic aspects of the new data collection requirements.

June 2017 Newsletter

Fri, 09 Jun 2017 11:53:47 PDT

The June BCG Newsletter is here! This month's highlights include "ARM Disclosures Must Reflect 2014 Rate Change Notices," "NMLS ID Disclosure Requirements," "Reminder: FDIC, FRB, OCC and NCUA Action Regarding FAST Act Exception for Annual Privacy Notices," "OCC Revises the Fiduciary Powers Booklet," "Agencies Provide Guidance Regarding Potential Shortage of Appraisers," "California Supreme Court: Day of Rest Based on Workweek Not Rolling 7-day Period," "NCUA Proposes Revisions to Appeals Process," "OCC, FDIC to Give Early Warning of Scheduled CRA Exams."

June BCG Monthly Telephone Briefing

Thu, 08 Jun 2017 15:42:12 PDT

The June BCG Monthly Telephone Briefing will be on Friday, June 16, 2017 from 12:00 - 1:30 p.m. This month's topics will be "Military Lending Act & Regulations Revisited." We hope you will join us for the Briefing and the Q&A immediately following.

August - BCG Seminar General Banking Operations

Thu, 08 Jun 2017 11:19:09 PDT

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a Seminar addressing operations compliance. We will discuss recent developments and updates in a number of banking operations areas, from account agreement disclosures to recent amendments to California's Unclaimed Property Law. The Seminar will also include an overview of TIN certification requirements. As part of this discussion, we will go through the IRS Form W-9 and the various Form W-8BENs. Additionally, the presentation will include issues and processes triggered when an institution is notified of an account holder's death. This death of depositor discussion will include small estate processes, as well as estates subject to probate. We will also cover powers of attorney, including content requirements and related risks (general, durable, statutory, and trustee scenarios). Last, we will provide an overview of the elements needed for your vendor management program, including due diligence processes and contract negotiations.

June BCG Webinar

Mon, 05 Jun 2017 16:17:37 PDT

There are a number of disclosures that financial institutions are required to provide to their depositors at account opening and most of these disclosures are often included in what is commonly known as a deposit account agreement. However, in addition to mandated disclosures, most deposit account agreements also contain numerous additional terms and conditions that govern the relationship between the institution and its depositor. It is these additional terms and conditions that are crucial in affording adequate protections to the financial institution. We will discuss the need to include some of the more important terms and conditions, including those listed below, as well as other substantive issues the account agreement should clearly address.

June BCG Webinar

Fri, 26 May 2017 15:53:19 PDT

When things go awry and defaults occur with respect to loans secured by personal property, lenders will look to their collateral to minimize losses. The attachment and perfection of a security interest in personal property collateral is essential to the enforcement of a security interest against a borrower or other pledgor (such as a guarantor), as well as third parties with competing claims to the same collateral. The requirements and procedures for attachment and perfection of a security interest in personal property are set out in Division 9 of the Uniform Commercial Code as adopted in California. This Webinar will explain the necessary steps lenders must take to ensure they have an enforceable security interest under the UCC. We will also discuss possible pitfalls to avoid when attaching and perfecting your security interest.

July BCG Webinar

Wed, 24 May 2017 10:45:39 PDT

Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and- fast rules apply. We will address both lending and bank operations issues. New this year: As the baby boomers enter into their twilight years, financial institutions are increasingly facing new issues as to the succession of trustees, bifurcation of trusts ( "A" and "B" trusts), and dealing with holders of powers of attorney who think they can manage a trust. You will receive a downloadable, detailed discussion outline, not just skimpy PowerPoint slides!

July BCG Webinar

Wed, 24 May 2017 10:40:38 PDT

Since January 1, 2016, the flood insurance regulations have remained the same. However, examiners' emphasis and interpretations have changed. Furthermore, FEMA revised certain aspects of the National Flood Insurance Program (NFIP), which affects lenders' compliance with the flood insurance regulations. Additionally, lenders are being bombarded with private flood insurance policies, raising questions as to their acceptability. In this two-hour webinar, we will go through as many of these hot-button issues as humanly possible.

May 2017 Newsletter

Fri, 12 May 2017 10:08:10 PDT

The May BCG Newsletter is here! This month's highlights include "CFPB Issues Proposed Clarifications to Regulation C (HMDA)," "Identifying the Provider of a Credit Score on Adverse Action Notices," "DOJ Remains Barred from Using Funds for State Medical Cannabis Prosecutions," "Deposit Account Escheatment," "FDIC Enhances Guide on Affordable Mortgage Lending."

July BCG Seminar - Construction Lending

Wed, 10 May 2017 14:52:15 PDT

As the economy continues to recover, lenders are renewing their interest in making construction loans. Recognizing that an over-concentration in construction loans contributed to the downfall of a number of financial institutions, lenders are approaching this type of lending with an appropriate degree of caution. Faced with uncertainty, construction lenders must carefully underwrite and structure construction loans in ways that meet their clients' needs while at the same time minimize the potential for loss. Now more than ever, a construction lender must understand and appreciate the importance of due diligence and the appropriate structuring of construction loans and sound credit administration practices. With this in mind, Aldrich & Bonnefin is pleased to invite you, your lending professionals, your note department personnel and your audit and loan review staff to a Seminar on Construction Lending. This Seminar will focus on due diligence issues, as well as structuring and administering construction loans.

May BCG Monthly Telephone Briefing

Wed, 10 May 2017 12:59:15 PDT

The May BCG Monthly Telephone Briefing will be on Friday, May 19, 2017 from 12:00 - 1:30 p.m. This month's topics will be "RESPA Section 8 Update: What Not to Do" and "CFPB Issues Proposal to Clarify the 2018 Amendments to Regulation C (HMDA)." We hope you will join us for the Briefing and the Q&A immediately following.

April 2017 Newsletter

Fri, 14 Apr 2017 14:45:12 PDT

The April BCG Newsletter is here! This month's highlights include "Bureau Proposes to Align Reg B GMI Requirements with Reg C," "CONSUMER FINANCE Q&A," "California District Court: Overdraft Opt-in Model Form May Not be Sufficient," "Seventh Circuit: CAMELS Rating Justiciable," "CFPB Orders Nationstar to Pay $1.75 Million for HMDA Violations."

May BCG Webinar

Thu, 13 Apr 2017 08:36:06 PDT

Under rules that became effective in 2014, all loan originators of dwelling-secured credit must receive training on state and federal laws applicable to their job duties. This requirement appears as part of the loan originator qualification requirements in Regulation Z. It applies to all residential mortgage loan originators, both employees and third-party mortgage brokers. The training requirements apply to a loan originator regardless of whether he or she meets the definition of a "mortgage loan originator" under the SAFE Act. Under Regulation Z, the term "loan originator" is defined broadly and includes any employee who takes an application for a residential mortgage or offers, arranges or assists a consumer in obtaining or applying for a dwelling-secured, closed-end loan. The rule is limited to closed-end mortgages; home equity lines of credit are not covered. This two-hour Webinar will provide training that is relevant to all loan originators and will help fulfill their training requirements under Regulation Z. Under Regulation Z, training must cover both federal and state law applicable to the LO's job responsibilities. This Webinar will cover both state and federal law.

April BCG Monthly Telephone Briefing

Tue, 11 Apr 2017 11:28:35 PDT

The April BCG Monthly Telephone Briefing will be on Friday, April 21, 2017 from 12:00 - 1:30 p.m. This month's topic will be "Death of a Borrower." We hope you will join us for the Briefing and the Q&A immediately following.

April BCG Webinar

Mon, 10 Apr 2017 16:04:27 PDT

Through their Community Reinvestment Act (CRA) regulations, the federal banking agencies "encourage" their supervised banks to meet the credit needs of individuals and businesses in their communities, including low- and moderate-income (LMI) individuals and LMI geographies, consistent with safe and sound operations. While the CRA regulations have remained constant over the past several years, the banking agencies did issue revisions in July 2016 to the CRA Interagency Questions and Answers. Among other things, the revisions provide additional guidance regarding alternative systems for delivering retail banking services, certain community development activities and qualitative factors for evaluating an institution's CRA performance. Join us as we recap the changes made to the CRA Q&As, delve into what qualifies as "community development" and provide ways to identify community development activities, including some CD resources. We also will discuss recent noteworthy examination findings.

April BCG Webinar

Mon, 10 Apr 2017 16:01:16 PDT

This Webinar will provide a comprehensive discussion of rules under Regulation O and other laws covering loans to executive officers, directors, principal shareholders of financial institutions and their related interests. The program will cover the following topics: Persons covered Extensions of credit defined General prohibitions Terms and creditworthiness Prior approval Special lending limits Loans to insiders of affiliates Overdrafts of insiders Additional restrictions on loans to executive officers Other requirements We will also discuss related issues as to the indebtedness of executive officers and directors of registered companies, such as bank holding companies. We will also address restrictions on loans to federal and state credit union officials and senior management. Additionally we will briefly discuss restrictions on the payment of interest on deposits of insiders. Don't miss this important discussion of a hot issue for examiners!

June BCG Seminar - Enhancing Your Compliance Management Program

Tue, 04 Apr 2017 11:07:43 PDT

Aldrich & Bonnefin is pleased to invite you, your compliance staff and the management of your financial institution to attend a Seminar on Compliance Management. This Seminar will focus on structuring an effective, risk-based compliance program for a financial institution and implementing the program's objectives. There will be case studies to make the seminar of immediate practical value to all who attend. With increasing regulatory scrutiny and civil litigation against financial institutions, as well as the implementation of the new integrated mortgage disclosures, attention must be paid to systems and procedures for compliance with federal and state laws and regulations. Without a structured compliance program, compliance dollars can be wasted and the institution's ability to comply can be dramatically diminished. Without a formal compliance program, the institution is exposed to the risk of liability to shareholders, customers and regulators alike. In contrast, having a strong, well-managed compliance program can mitigate any occasional violations that inevitably occur.

March 2017 Newsletter

Fri, 10 Mar 2017 14:14:56 PST

The March BCG Newsletter is here! This month's highlights include "Bureau Adds GMI Collection Guidance to HMDA Resources," "Spousal Credit Reports," "Bank Assessed CMPs for Violating BSA," "OCC Issues Revised Comptroller's Licensing Manual Booklet," "NCUA Seeks Input on Alternative Forms of Capital for Meeting Capital Standards."

March BCG Webinar

Wed, 08 Mar 2017 14:35:41 PST

Lenders frequently structure commercial loans to include guaranties by third parties with a personal or financial interest in the borrower. Yet, lenders are often unaware of the emerging complexity of the law concerning guaranties and third-party pledges. Since the financial crisis of 2008, lenders have encountered strong opposition to their efforts to collect on guaranties. Guarantors have challenged the enforceability of guaranties under a number of theories, the most popular being the sham guaranty argument. To minimize the effect of these challenges, it is important that lenders have a clear and comprehensive understanding of the functions and elements of a guaranty, as well as the potential defenses to enforcement of a guaranty, all of which are essential to the proper negotiation of guaranty obligations. Join us for this informative Webinar as we discuss the use of guaranties in the lending world. This Webinar will include a discussion on the various types and uses of a guaranty and the elements of a guaranty, with a focus on the importance of the waivers by the guarantor and ways of preventing a sham guaranty. Lenders frequently structure commercial loans to include guaranties by third parties with a personal or financial interest in the borrower. Yet, lenders are often unaware of the emerging complexity of the law concerning guaranties and third-party pledges. Since the financial crisis of 2008, lenders have encountered strong opposition to their efforts to collect on guaranties. Guarantors have challenged the enforceability of guaranties under a number of theories, the most popular being the sham guaranty argument. To minimize the effect of these challenges, it is important that lenders have a clear and comprehensive understanding of the functions and elements of a guaranty, as well as the potential defenses to enforcement of a guaranty, all of which are essential to the proper negotiation of guaranty obligations. Join us for this informative Webinar as we discuss the use of guaranties in the lending world. This Webinar will include a discussion on the various types and uses of a guaranty and the elements of a guaranty, with a focus on the importance of the waivers by the guarantor and ways of preventing a sham guaranty.

March BCG Webinar

Tue, 07 Mar 2017 09:42:28 PST

Dealing with an attorney-in-fact under a power of attorney can sometimes be difficult and complicated, depending on the terms of the power of attorney and the types of transactions the attorney-in-fact seeks to perform. Therefore, it is extremely important for financial institutions to understand their rights and obligations when deciding whether and to what extent to permit an attorney-in-fact to act on behalf of a customer. Join us for this informative Webinar as we discuss the scope of an attorney-in-fact's authority to act for an institution's customer in relation to the rights of the financial institution to either accept or reject a power of attorney. We will also discuss the protections afforded an institution when presented with a uniform statutory form power of attorney.

May BCG Seminar - Bank Secrecy Act Compliance

Tue, 07 Mar 2017 08:40:52 PST

Aldrich & Bonnefin is pleased to invite you to attend our new full-day Bank Secrecy Act Compliance Seminar. Due to the ever-increasing regulatory scrutiny, as well as advanced money laundering schemes and terrorist financing activities, it is becoming more and more difficult to effectively manage BSA risk. At this Seminar, we will cover a wide range of BSA topics, starting with customer due diligence obligations, including the new beneficial owner rule and the fifth pillar of BSA compliance. We will also discuss recent BSA developments, SAR and CTR filing issues, and OFAC compliance obligations.

March BCG Monthly Telephone Briefing

Thu, 02 Mar 2017 10:40:53 PST

The March BCG Monthly Telephone Briefing will be on Friday, March 17, 2017 from 12:00 - 1:30 p.m. This month's topics will be "Federal and State Laws on Telemarketing and Spam." We hope you will join us for the Briefing and the Q&A immediately following.

February 2017 Newsletter

Thu, 09 Feb 2017 14:40:05 PST

The February BCG Newsletter is here! This month's highlights include "Wells Fargo On Hot Seat For Alleged Discrimination Based On Immigration Status," "IRS Provides Guidance On Penalty Safe Harbor For Certain Errors In Information Return Filings," "OCC CATS System Launched," "Federal Court Dismisses ICBA's Case Against The NCUA," "Employers Can't Require Employees To Be "On Call" During Rest Periods."

February BCG Webinar

Thu, 09 Feb 2017 12:09:37 PST

California's Unclaimed Property Law requires financial institutions to follow a two-step reporting process for unclaimed property. The Holder Notice Report is due annually by November 1st and includes a complete listing of a holder's unclaimed property that is currently reportable. The property will not be remitted until the separate Holder Remit Report is filed the following year. We will discuss practice tips and reminders from the California State Controller's Office to ensure your reports are approved and to avoid future interest assessments. The presentation will also outline the timelines for the escheat of deposit accounts, safe deposit box contents and financial institution-issued instruments. We will address the legal notices required to be provided to customers at account opening and again prior to the reporting process. We will also cover changes that went into effect January 1, 2017, expanding the definition of what constitutes "covered activity" on a deposit account.

February BCG Monthly Telephone Briefing "Revised"

Tue, 07 Feb 2017 08:59:04 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 20, 2017 from 12:00 - 1:30 p.m. This month's topics will be "The New Mortgage Servicing Rules." We hope you will join us for the Briefing and the Q&A immediately following.

February BCG Monthly Telephone Briefing

Tue, 07 Feb 2017 08:59:04 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 17, 2017 from 12:00 - 1:30 p.m. This month's topics will be "The Latest and Greatest Mortgage Servicing Rules." We hope you will join us for the Briefing and the Q&A immediately following.

April BCG Seminar - Commercial Lending

Fri, 03 Feb 2017 12:09:09 PST

As loan demand increases, commercial lenders must maintain a delicate balance between prudent lending standards and creative loan terms that may be dictated by today's competitive marketplace. Now more than ever, it is essential that lenders have a solid understanding of the fundamentals of commercial lending. With this in mind, Aldrich & Bonnefin is pleased to invite you to attend our Commercial Lending Seminar. This Seminar will focus on a number of issues which lenders often face, including lending limits, cybersecurity risks, and financing the acquisition of a business.

February BCG Webinar

Wed, 01 Feb 2017 11:42:31 PST

The Fair Credit Reporting Act principally regulates consumer reports (often called "credit reports") and consumer reporting agencies (credit bureaus) but also regulates financial institutions that use credit reports and furnish information to credit bureaus. The main question financial institutions used to have about FCRA was "when can we pull somebody's credit report"? While still relevant, this question has recently been surpassed by concerns about the accuracy of information institutions furnish (report) to credit bureaus. State and federal laws require that the information be "accurate" but what does that mean? (Yes, there's a regulation on point.) A related question is how to respond to a consumer's dispute of information your institution reported. Can you just delete it and forget about it, or must you try to correct it? We will discuss all of this at our February 2017 webinar. There will be plenty of hypotheticals to illustrate the rules and time for questions and answers.

January 2017 Newsletter

Fri, 13 Jan 2017 13:58:11 PST

The January BCG Newsletter is here! This month's highlights include "Bureau Gives Insight on Upcoming Fair Lending Focus," "IRS Removes Non-Payment Testing Period from 1099-C Reporting Requirements," "2017 Examination Changes for Certain Depository Institutions and Credit Unions," "AB 2274 Impacts Credit Union Board Meetings and Other Matters," "NCUA's Final Occupancy Rule for FCUs Becomes Effective this Month," "CFPB Makes No Change to HMDA Asset-Size Threshold Exemption."

January BCG Monthly Telephone Briefing

Fri, 13 Jan 2017 09:59:51 PST

The January BCG Monthly Telephone Briefing will be on Friday, January 20, 2017 from 12:00 - 1:30 p.m. This month's topics will be "Revisiting the Servicemembers Civil Relief Act." We hope you will join us for the Briefing and the Q&A immediately following.

March BCG Seminar - Mortgage Lending Compliance

Wed, 04 Jan 2017 12:46:32 PST

Aldrich & Bonnefin is pleased to invite you to attend our Mortgage Lending Compliance Seminar. This program will provide an in-depth look at several compliance topics involving closed-end (non-revolving) mortgage loans. These include the all-important flood insurance regulations and the many issues lenders are grappling with concerning the TRID disclosures. We hope you will join us for this informative program on these important mortgage lending compliance topics.

January BCG Webinar

Thu, 29 Dec 2016 15:38:02 PST

Determining the legal identity of customers at account opening under CIP is relatively easy. However, once you have identified a customer, what should you do next? Should you even open the account? And if you do, what documentation must you obtain and what type of monitoring efforts do you need to undertake? This Webinar is designed to provide simple and straightforward training necessary to help you and your staff understand a financial institution's customer due diligence (CDD) obligations under the Bank Secrecy Act. And of course, where would effective BSA training be without also discussing the new beneficial ownership rule? This "drilling down" requirement regarding a customer's ownership control supplements the institution's customer due diligence and even paves the way for enhanced due diligence when necessary. It is no secret that BSA compliance and CDD remain high on BSA examiners' lists for all financial institutions and their employees, regardless of job function. With these thoughts in mind, we will navigate the regulatory maze of getting to know your customers.

December 2016 Newsletter

Fri, 09 Dec 2016 11:27:27 PST

The December BCG Newsletter is here! This month's highlights include "CFPB Issues Guidance on Production Incentives," "FRB Issues FAQ on Debit Card Interchange Rule and EMV Transactions," "OCC New CATS System Will Ease Licensing and Public Welfare Investment Filings," "Preliminary Injunction Blocks DOL Overtime Exemption Rule," "JPMorgan Fined for Questionable Foreign Referral Hiring Program."

January BCG Webinar

Mon, 05 Dec 2016 15:59:45 PST

Fair lending is a broad legal and compliance concept that protects equal access to credit in the United States. At its root, fair lending means that similarly situated applicants and borrowers should receive similar treatment. Equality of results is not required but equality of process is. Financial institutions and other lenders are experiencing increased pressure from regulators, not least of which is the Consumer Financial Protection Bureau, to enhance their fair lending processes. Fair lending does not happen by accident; rather, it is a mandated ongoing process. Every regulated lender must have a written fair lending program in place, addressing every aspect of the lending process, from marketing and underwriting to pricing and servicing. Fair lending is not limited to residential lending - it extends to commercial and consumer lending of all types. We recently have seen close scrutiny of minimum loan amounts, discretionary credit pricing and redlining. This 90-minute Webinar will provide an update on fair lending laws and processes for lenders of all types. A detailed written outline will be provided (not just sketchy PowerPoint slides). Plenty of time will be allowed for questions and answers. Some familiarity with lending processes will be assumed.

December BCG Monthly Telephone Briefing

Mon, 05 Dec 2016 14:31:40 PST

The December BCG Monthly Telephone Briefing will be on Friday, December 16, 2016 from 12:00 - 1:30 p.m. This month's topics will be "2017 California Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

February BCG Seminar

Tue, 22 Nov 2016 15:40:20 PST

Aldrich & Bonnefin invites you and your operations and compliance staffs to attend a Seminar covering New Accounts Documentation. Having proper new account policies and procedures can help financial institutions prevent or at least reduce the risk of fraud and other losses. This Seminar will focus on documents that institutions will want to review during the account-opening process for individuals, businesses (such as corporations, partnerships and LLCs), fiduciaries (for example, trusts, decedent estates and guardianships) and fiduciary professionals. We will also cover the new BSA customer due diligence beneficial owner rule and its impact on opening accounts for business entities. Finally, we will consider the recent developments surrounding deposit discrepancies and the penalties ordered for unauthorized account-opening practices.

January BCG Seminar

Tue, 22 Nov 2016 15:39:02 PST

Globalization of commerce has resulted in a dramatic increase in the need for letters of credit, as well as alternatives to letters of credit. More and more regional and independent financial institutions have found that in order to adequately service their clients, they must offer standby and commercial letters of credit products and services. Aldrich & Bonnefin is pleased to invite you, your commercial lending staff and your international banking personnel to attend our seminar on Letters of Credit. In this Seminar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on standby and commercial letters of credit. We will then explore the document examination process as well as documentary collection transactions.

November 2016 Newsletter

Fri, 11 Nov 2016 10:51:57 PST

The November BCG Newsletter is here! This month's highlights include "Let's Talk About Private Flood Insurance," "CFPB Issues Final Rule for Prepaid Card Accounts," "Appellate Court Strikes Down Sham Guaranty Defense," "NCUA Adopts Final Field of Membership Rule; Proposes Additional Changes," "Guidance Provided for Submitting 2017 are Already in HMDA Data."

November BCG Monthly Telephone Briefing

Fri, 11 Nov 2016 08:48:15 PST

The November BCG Monthly Telephone Briefing will be on Friday, November 18, 2016 from 12:00 - 1:30 p.m. This month's topics will be "Agencies Issue New (and Improved?) Private Flood Insurance Proposed Rule." We hope you will join us for the Briefing and the Q&A immediately following.

Revised November BCG Webinar

Tue, 30 Aug 2016 10:00:11 PDT

The Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014 made numerous changes to the world of flood insurance. As a result, there has been confusion as to what are the current flood insurance rules and what will be the future rules. This two-hour Webinar will calm the waters (please excuse the pun). We will go through the basic mandatory purchase of flood insurance requirements, the requirement to escrow flood insurance premiums, the requirement to force place insurance and the so-called "requirement" to accept private flood insurance policies.

Important Update - CFPB Director Held Subject to Dismissal at Will by President; Court Also Reinstates Traditional View of RESPA Section 8 Allowing Reasonable Fees for Services Rendered

Wed, 19 Oct 2016 14:15:32 PDT

On October 11, 2016 the federal appeals court for the D.C. Circuit held that the CFPB director must be subject to dismissal by the president to avoid an otherwise unconstitutional delegation of excessive power to one individual. PHH Corp. v. CFPB, 2016 U.S. App. LEXIS 18332 (D.C. Cir. Oct. 11, 2016).

October 2016 Newsletter

Fri, 14 Oct 2016 15:14:42 PDT

The October BCG Newsletter is here! This month's highlights include "Bureau Approves Use of Revised 1003 for Reg B Purposes and Collection of HMDA Demographic Data in 2017," "FinCEN Warns of Growing Email Fraud Schemes," "NCUA to Credit Unions: Stay Ahead of Cybersecurity Risks," "2015 HMDA Data Released."

October BCG Monthly Telephone Briefing

Thu, 13 Oct 2016 11:35:43 PDT

The October BCG Monthly Telephone Briefing will be on Friday, October 21, 2016 from 12:00 - 1:30 p.m. This month's topics will be "Lending Limit Regulations Revisited." We hope you will join us for the Briefing and the Q&A immediately following.

31st Annual Management & Directors Seminar

Fri, 07 Oct 2016 16:20:03 PDT

You are invited to attend the 31st Annual Management & Directors Seminar on Thursday, December 8th, in San Francisco, California and Friday, December 9th, in Newport Beach.

September 2016 Newsletter

Fri, 09 Sep 2016 12:53:26 PDT

The September BCG Newsletter is here! This month's highlights include "DoD Issues Guidance on MLA Regulations," "Loan Estimate - Property Value," "Measure Permits State-chartered Banks to Participate in School-Based Savings Programs" "Revise Your Visa Debit and Credit Card Agreements!," "OCC's New Booklet Possibly Heightens Standards for Small-bank Directors," "Ninth Circuit Says No to Class Arbitration Waivers in Employment Contracts," "FFIEC Releases 2015 CRA Small Business, Small Farm and CD Loan Data."

November BCG Seminar - Legal Processes

Thu, 08 Sep 2016 12:44:02 PDT

Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on Legal Processes. The program will focus on levies and subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include the fundamentals of processing a levy and important principles for determining whether a business or personal account is subject to levy. In addition to levies and executions, we will discuss how to respond to requests for customers' financial records. During this segment, the program will focus on civil subpoenas as well as government requests for information under the California and Federal Right to Financial Privacy laws. This Seminar is intended to be of benefit to individuals will all levels of experience.

September BCG Monthly Telephone Briefing

Thu, 08 Sep 2016 09:26:17 PDT

The September BCG Monthly Telephone Briefing will be on Friday, September 16, 2016 from 12:00 - 1:30 p.m. This month's topics will be "2016 Revisions to CRA Interagency Questions & Answers" and "Individual Development Accounts (IDAs)." We hope you will join us for the Briefing and the Q&A immediately following.

November BCG Webinar

Thu, 01 Sep 2016 12:05:10 PDT

Financial institutions are increasingly outsourcing activities and processes to third parties. It is no surprise that federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the banking regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists that incorporate the various considerations that should be a part of your vendor management program.

December BCG Webinar

Thu, 01 Sep 2016 10:25:37 PDT

On December 15, 2016, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2017. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

October BCG Webinar

Wed, 31 Aug 2016 14:55:34 PDT

The rules governing employment relationships are constantly changing based on the decisions made by the courts. Understanding the effect of these court decisions is essential for human resources specialists, as well as managers and supervisors. To this end, Aldrich & Bonnefin, PLC is please to invite you, your human resource manager and staff, and your managers and supervisors, to our Employment Law Update webinar. During this webinar, we will review the latest developments and changes in employment laws and recent court decisions that will affect the way we handle certain human resources issues.

November BCG Webinar

Tue, 30 Aug 2016 10:00:11 PDT

October BCG Webinar

Tue, 30 Aug 2016 09:48:03 PDT

September BCG Webinar

Fri, 26 Aug 2016 14:35:37 PDT

The Department of Defense regulations under the Military Lending Act (MLA) are set to go into effect on Octo-ber 3, 2016 for most types of covered loans, with the exception of credit cards, which will not be subject to the MLA regulations until October 3, 2017. The regulations provide pro-tections to servicemembers and their families when they obtain certain types of consumer-purpose closed-end loans and open-end lines of credit. However, the MLA regulations pose some challenges and leave several questions unanswered. During this Webinar we will discuss the requirements of the MLA regulations, including who is protected by the regulations, what types of loans are covered, how to verify whether an appli-cant is a "covered borrower," and the required loan disclosures. We will also discuss the contract limitations that apply to credi-tors when making consumer loans to covered borrowers. Join us for this educational program as we make sense of the DOD's MLA regulations.

September BCG Webinar

Wed, 24 Aug 2016 11:31:36 PDT

Financial institutions have an obligation to properly identify and document both new and existing customers and are also expected to know more and more about their customers before permitting them to open and maintain deposit accounts. Trying to determine not only the customer's "legal name" but also who is authorized to act on behalf of a particular customer and whether that customer poses a BSA risk is becoming increasingly more difficult. Please join us as we discuss account documentation in a way that will help your institution satisfy its CIP and customer due diligence obligations, including identifying the individuals authorized to act on behalf of business and fiduciary customers. This Webinar will be a helpful learning experience for both seasoned and less experienced new accounts personnel. Because these same documentation requirements apply when identifying individual and business loan applicants, this Webinar will also be helpful to loan officers and other lender personnel.

August 2016 Newsletter

Fri, 12 Aug 2016 12:24:28 PDT

The August BCG Newsletter is here! This month's highlights include "CFPB (Finally) Issues Mortgage Servicing Rule," "Santander Bank, N.A. - CFPB Consent Order for Reg E and UDAAP Violations," "Volcker Rule Compliance Date Extended for Some Covered Funds," "Trial Court Upholds Sham Guaranty Defense," "NCUA Makes Examination Cycle Less Rigid," "Technical Resources for Complying with New HMDA Made Available Agencies (Finally) Adopt Revisions to CRA Q&As."

October BCG Seminar - Truth in Lending Act & Reg Z

Wed, 10 Aug 2016 11:33:14 PDT

The Truth in Lending Act and Regulation Z continue to challenge compliance professionals and lenders alike in many different ways - from the coverage rules (what's covered and what's not) to the TRID disclosures to credit cards and other open-end credit disclosure requirements. True to its promise, the Consumer Financial Protection Bureau issued a proposal on July 29, 2016, to amend Regulation Z to memorialize the informal guidance on various topics that it has issued since the TRID Rule was adopted. The Bureau is also proposing tolerance provisions for the total of payments and guidance on sharing the disclosures with various parties involved in the mortgage origination process. In a bit of good news, the proposal includes guidance regarding how to disclose consumer construction loans under TRID.

August BCG Monthly Telephone Briefing

Tue, 09 Aug 2016 10:06:04 PDT

The August BCG Monthly Telephone Briefing will be on Friday, August 19, 2016 from 12:00 - 1:30 p.m. This month's topics will be "BSA/AML Beneficial Ownership Rule & New Frequently Asked Questions(FAQs)" and "Interagency Guidance: Deposit Account Discrepancies" We hope you will join us for the Briefing and the Q&A immediately following.

August BCG Webinar

Thu, 14 Jul 2016 14:14:06 PDT

Since the adoption of the Gramm-Leach-Bliley Act in 1999 (GLBA), information security breaches have become commonplace but are, if anything, becoming more terrifying. Breaches of data systems can expose a financial institution to regulatory criticism, civil liability and reputation risk. The banking regulators were prescient in seeing that security breaches are inevitable. While efforts must be made to prevent them, the real focus of examiners is not on prevention but on response. This webinar will address the do's and don'ts of responding to an information security breach at a depository institution.

Important Update - FDIC Adopts Strong Risk-Focused Approach for IT Exams

Fri, 08 Jul 2016 12:01:45 PDT

The FDIC recently updated its information technology and operations risk examination procedures. Dubbed "Information Technology Risk Examination (InTREx) Program," the Program is designed to enhance the ability of examiners to identify, assess and validate a financial institution's information technology and operations risk and to ensure that institution management is affectively addressing identified risks.

July 2016 BCG Newsletter

Fri, 08 Jul 2016 11:36:07 PDT

The July BCG Newsletter is here! This month's highlights include "CFPB Adjusts High-Cost Mortgage, Credit Card and QM Points and Fees Thresholds," "Agencies Update Host State LTD Ratios," "SEC's Regulation Crowdfunding is in Effect," "FASB Makes Big Changes to Loan Loss Accounting Framework; Agencies Issues Guidance," "Sick Pay: Cities of Los Angeles and San Diego Adopt Independent Rules," "Distressed and Underserved Non-MSA Middle-Income Geographies Updated."

September BCG Seminar - Commercial Real Estate Lending

Thu, 07 Jul 2016 15:17:46 PDT

Important Update - CFPB Proposes to Implement FAST Act Exception for Annual Privacy Notices

Thu, 07 Jul 2016 14:43:30 PDT

On July 1, 2016 the CFPB issued a proposed rule that would amend Regulation P (12 CFR 1016) to implement a new limited exception to providing annual privacy notices. The Bureau also proposed to eliminate as unnecessary the alternative method for delivering annual privacy notices that it adopted in October 2014.

July BCG Monthly Telephone Briefing

Fri, 01 Jul 2016 09:39:09 PDT

The July BCG Monthly Telephone Briefing will be on Friday, July 15, 2016 from 12:00 - 1:30 p.m. This month's topics will be "E-SIGN Act: Using Electronic Signatures and Documents in Banking in 2016." We hope you will join us for the Briefing and the Q&A immediately following.

June 2016 BCG Newsletter

Thu, 09 Jun 2016 16:42:06 PDT

The June BCG Newsletter is here! This month's highlights include "Reminder: Flood Insurance Escrow Option Clauses Due June 30," "Rescindable Transactions: Providing the Closing Disclosure to Non-borrowers," "Customer Due Diligence Final Rule Issued," "SEC Amends Registrations Rules to Conform to JOBS Act and FAST Act," "New Rules for Overtime Exemptions."

June BCG Monthly Telephone Briefing

Wed, 08 Jun 2016 16:36:52 PDT

The June BCG Monthly Telephone Briefing will be on Friday, June 17, 2016 from 12:00 - 1:30 p.m. This month's topics will be "U.S. Department of Labor Issues Final Rule on Overtime Exemptions" and "EEOC Final Rule Amends ADA Regulations on Wellness Programs" We hope you will join us for the Briefing and the Q&A immediately following.

August BCG Seminar – Electronic Banking

Fri, 03 Jun 2016 10:35:53 PDT

Technology advancements have expanded the scope and nature of the electronic banking products and services offered by financial institutions. In this full-day Seminar, we will discuss an institution's obligations that arise from this expansion, including liability and compliance responsibilities related to online banking, mobile banking and funds transfers.

June BCG Webinar

Fri, 03 Jun 2016 10:27:00 PDT

Since 1938, the federal Fair Labor Standards Act (FLSA) has given most workers a legal right to minimum wages and overtime pay, although certain white collar workers (engaged in executive, administrative or professional duties) are exempt from both. Recently, the U.S. Department of Labor proposed amendments to the regulations that outline the requirements for the exemption from the requirements of minimum wage and overtime pay. In May 2016, the Department of Labor announced that its final rule (amending the exemption) will automatically extend overtime pay eligibility to 4.2 million additional workers. This webinar will cover the changes to the Department of Labor regulations, as well as review the requirements for the exemption.

Important Update - SCRA Foreclosure Protections Extended Once Again

Tue, 17 May 2016 10:52:08 PDT

The phrase "better late than never" sometimes seems to be the motto for Congress and the President. Recently, President Obama signed into law Senate Bill S. 2393, the Foreclosure Relief and Extension for Servicemembers Act of 2015 (P.L. 114-142), that revives the one year foreclosure protection provisions under the Servicemembers Civil Relief Act (50 USC 3901 et seq.). Under the measure, the 12-month provision is in effect until December 31, 2017.

May 2016 Newsletter

Thu, 12 May 2016 15:25:28 PDT

The May BCG Newsletter is here! This month's highlights include "CFPB Proposes Rule Prohibiting Class-Action Arbitration Waivers," "Corrected Closing Disclosure Regarding Prepaid Interest," "CFPB Cautions Payday Lenders About Too Many NSF Charges," "U.S. Supreme Court affirms Hawkins Case," "Discrimination Related to Driver's License and ID Cards," "FASB Proceeds with the New Accounting Standard for Credit Losses," "California Supreme Court Interprets Employee Seating Requirements."

May BCG Monthly Telephone Briefing

Wed, 11 May 2016 11:15:02 PDT

The May BCG Monthly Telephone Briefing will be on Friday, May 20, 2016 from 12:00 - 1:30 p.m. This month's topics will be "NCUA Final Rule on Member Business Loans and Commercial Lending" and "Interagency Guidance on Applying CIP Requirements to Prepaid Cards." We hope you will join us for the Briefing and the Q&A immediately following.

July BCG Seminar - Mortgage Lending Compliance

Fri, 29 Apr 2016 12:40:51 PDT

Aldrich & Bonnefin is pleased to invite you to attend our Mortgage Lending Compliance Seminar. This program will provide an in-depth look at several compliance topics involving closed-end (non-revolving) mortgage loans. These include the all-important flood insurance regulations and the many issues lenders are grappling with concerning the TRID disclosures. We hope you will join us for this informative program on these important mortgage lending compliance topics.

Follow-up Questions re the Closing Disclosure Transactions Involving

Wed, 20 Apr 2016 17:00:36 PST

We dedicated the April 2016 BCG Monthly Telephone Briefing to frequently asked questions about the TILA-RESPA Integrated Disclosure (TRID) rule. Here are two follow-up questions we promised to address following the Briefing.

April 2016 Newsletter

Fri, 8 Apr 2016 20:02:48 PST

The April BCG Newsletter is here! This month's highlights include "More Small Rural Creditors Get Lending Rule Relief," "Banks and Credit Unions Advised to Beef Up Practices to Prevent Elder Financial Abuse," "OCC Proposes To Reduce Reg Burden," "California Legislature Adopts Series of Increases to Minimum Wage."

June BCG Seminar – General Banking Operations

Thu, 7 Apr 2016 23:43:04 PST

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a seminar addressing operations compliance. We will discuss recent developments and updates under the Bank Secrecy Act (BSA), including an institution's customer due diligence (CDD) obligations. The seminar will also include an overview of an institution's IRS information reporting obligations (1099s - INT, OID, MISC, C, A and 1098). As part of this discussion, we will cover practical examples of promotions, working through the corresponding 1099-INT/MISC reporting triggers. Additionally, the presentation will include issues and processes triggered when an institution is notified of an account holder's death. This death of depositor discussion will include small estate processes, as well as estates subject to probate. Last, we will cover powers of attorney, including content requirements and related risks (general, durable, statutory, and trustee presented scenarios).

April BCG Monthly Telephone Briefing

Thu, 7 Apr 2016 18:05:25 PST

The April BCG Monthly Telephone Briefing will be on Friday, April 15, 2016 from 12:00 - 1:30 p.m. This month's topic will be "Hot Issues Under the TRID Rule." We hope you will join us for the Briefing and the Q&A immediately following.

April BCG Webinar

Thu, 24 Mar 2016 22:58:24 PST

You only need to talk with your special assets and collection departments to know that mortgage fraud is a significant problem. It's the source of many investor demands and mortgage buybacks. Even since the craziness of the subprime mortgage mess ended, these fraud schemes continue to bedevil the financial services industry. It's in applications, appraisals and income and asset verifications. It takes many forms and is done for many reasons. It's everywhere! Learn about the latest fraud schemes and trends and, more importantly, find out how to make sure your institution doesn't fall victim. New underwriting standards under the Ability to Repay rule help prevent fraud on consumer mortgages but problems continue. We will also review Suspicious Activity Reporting responsibilities and how they come into play with mortgage fraud schemes.

March 2016 Newsletter

Fri, 11 Mar 2016 02:02:03 PST

The March BCG Newsletter is here! This month's highlights include "CFPB Made Much-needed Correction to Preamble of TRID Rule," "SCRA: Six Percent Interest Rate Limitation on Mortgages," "CFPB Issues Policy Statement on Product Innovation No-Action Letter Process," "FDIC Clarifies Supervisory Expectations for Abandoned Foreclosures," "FRB Issues Interim Rule Implementing FAST Act Reduction in Dividend Rates," "NCUA Adopts Revisions to Member Business Loan Rule" and "HMDA 2017 and 2018 Data File Specifications Released."

May BCG Seminar – Community Reinvestment Act

Fri, 4 Mar 2016 02:09:21 PST

The Community Reinvestment Act (CRA) regulations have remained constant during the past few years. Nevertheless, the examination process continues to stress the importance of compliance with CRA and the role of compliance and CRA officers in directing and monitoring activities to ensure adherence to the CRA regulations. CRA examinations do not evaluate a bank's process for complying with CRA, but rather the results of its lending, investment and service activities in meeting the credit needs of its local communities, including low- and moderate-income neighborhoods. Consequently, banks need to develop a strategy for complying with CRA. Our Community Reinvestment Act Seminar is designed to assist you in understanding the performance criteria that applies to your bank, what qualifies as "community development," and how your bank's performance context - such as the bank's capacity and constraints and the needs and opportunities within its assessment area - can impact its CRA performance. This seminar also will include an overview of the amendments made to Regulation C (HMDA) and the impact those changes may have on a bank's CRA performance.

March 31 BCG Webinar: Doing Business with Family Trusts

Fri, 4 Mar 2016 01:35:44 PST

Aldrich & Bonnefin, PLC is pleased to invite your lending, operations and compliance staffs to a Webinar on "Doing Business with Family Trusts." Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. We will address both lending and bank operations issues. You will receive a downloadable, detailed discussion outline, not just skimpy PowerPoint slides!

March Monthly Telephone Briefing

Thu, 3 Mar 2016 20:49:46 PST

CORRECTION: The March BCG Monthly Telephone Briefing will be on Friday, March 18, 2016 from 12:00 - 1:30 p.m. This month's topics will be " 2015 Final Rule Amending Regulation C (HMDA) Part Two." We hope you will join us for the Briefing and the Q&A immediately following.

March Monthly Telephone Briefing

Thu, 3 Mar 2016 20:49:46 PST

The March BCG Monthly Telephone Briefing will be on Friday, March 18, 2016 from 12:00 - 1:30 p.m. This month's topics will be "Opening and Maintaining Political Campaign Accounts." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update-Clarification re HMDA Covered Transactions from Monthly Telephone Briefing

Sat, 20 Feb 2016 01:38:41 PST

At the BCG Monthly Telephone Briefing held on February 19, 2016 one participant had a question the speakers wanted to re-think. Question: Under the amendments to Regulation C (HMDA) that become effective on January 1, 2018, is the following loan reportable: a closed-end mortgage secured by a dwelling the borrower owns free and clear to provide cash out for nonspecific purposes?

February 2016 Newsletter

Fri, 12 Feb 2016 20:37:36 PST

The February BCG Newsletter is here! This month's highlights include "SCRA Time Period for Foreclosure Protections Back to 90 days," "FAST Act Amends GLBA Annual Privacy Notice Requirements" and "FAST Act Expands Scope of 18 month Onsite Exam Cycle."

Commercial Lending

Tue, 9 Feb 2016 23:20:59 PST

February Monthly Telephone Briefing

Tue, 9 Feb 2016 22:23:07 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 19, 2016 from 12:00 - 1:30 p.m. This month's topics will be "Opening and Maintaining Political Campaign Accounts." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - DoD Extends Time to Request Access to DoD Database for Identifying Military Status

Mon, 1 Feb 2016 23:30:10 PST

Under amended regulations implementing the Military Lending Act (MLA), creditors are required to determine the military status of applicants for specified covered loans. Recently, the Department of Defense (DoD) agreed to extend until February 15, 2016 the deadline to request direct access to the Defense Manpower Data Center (DMDC) database. The DoD's decision came in response to a request from the American Bankers Association after the trade group became aware through a teleconference on MLA held on January 12, 2016 that financial institutions had the option to directly connect with the DMDC database.

Important Update - Cordray Issues Letter on TRID Enforcement and Cure Provisions

Thu, 14 Jan 2016 23:45:28 PST

In response to a letter the Mortgage Bankers Association sent him, on December 29, 2015, CFPB Director Richard Cordray issued a letter explaining the Bureau's stance on examining for TRID compliance and a creditor's ability to cure TRID violations. With regard to TRID enforcement, Director Cordray reiterated that the Bureau continues to take the same position it set forth in its October 2, 2015 release by stating that the CFPB's "examiners will be squarely focused on whether companies have made good faith efforts to come into compliance with [TRID]," and "[a]ll of the regulators have indicated that their examinations for compliance in the first few months of implementing the new rule will be corrective and diagnostic, rather than punitive."

January 2016 Newsletter

Sat, 9 Jan 2016 00:23:04 PST

The January BCG Newsletter is here! This month's highlights include "Cordray Issues Letter on TRID Enforcement & Cure Provisions," "Small Lender Exemption to Flood Insurance Escrow Requirements," "FinCEN Concludes Benefits of CDD Rule Outweighs its Costs," "FDIC Adopts Final Rule for Processing Notices under Change in Bank Control Rules," "Agencies Issue Statement on CRE Prudent Risk Management" and "Recent CRA and HMDA Developments."

January Monthly Telephone Briefing

Fri, 8 Jan 2016 19:13:52 PST

The January BCG Monthly Telephone Briefing will be on Friday, January 15, 2016 from 12:00 - 1:30 p.m. This month's topics will be "Opening and Maintaining Political Campaign Accounts." We hope you will join us for the Briefing and the Q&A immediately following.

December 2015 Newsletter

Fri, 11 Dec 2015 21:23:23 PST

The December BCG Newsletter is here! This month's highlights include "Certain Reg Z Dollar Thresholds Remain the Same," "Institutions Reminded of Reg E Preauthorized Transfer Requirements," "Two New Questions Added to Volcker Rule FAQs" and "Changes Proposed to Field-of-Membership Rule."

January 28 BCG Webinar - CRA Data Collection

Tue, 8 Dec 2015 00:54:36 PST

Each year banks, and particularly large banks, face a new but familiar challenge - ensuring clean and accurate CRA data. While large banks are required to report data on their small business and small farm loans, this lending data is the primary tool used to evaluate all banks' CRA performance - small banks, intermediate small banks and large banks. Therefore, it goes without saying, data integrity is a must! As the March 1, 2015 submission date approaches, now is the time to review the rules for: (i) what qualifies as a small business loan or a small farm loan; (ii) what qualifies as a community development loan; (iii) reporting loan location; and (iv) determining whether the borrower is a small business or small farm. Join us on January 28 as we discuss the current regulatory requirements for collecting and reporting CRA data and offer tips to help ensure that the data you report is accurate!

January 21 BCG Webinar - HMDA Data Collection: Are You Ready?

Tue, 8 Dec 2015 00:44:08 PST

The Home Mortgage Disclosure Act and Regulation C continue to challenge both novice and experienced lenders. HMDA data plays an integral part in fair lending and CRA analyses. Moreover, with the potential for being assessed penalties associated with reporting errors, it is crucial for an institution's HMDA data gathering and reporting process to be precise. Join us as we first review some of the more important provisions of HMDA, such as what triggers an institution to become subject to the data collection and reporting requirements, which loans are covered by HMDA and which loans are exempt from HMDA. In addition we will discuss the rules on collecting government monitoring information. Lastly, we will examine the rules for completing some of the more challenging fields on the Loan/Application Register (LAR). NOTE: This Webinar will not address the final revisions to Regulation C that were recently issued by the CFPB and which generally become effective January 1, 2017. A discussion of the provisions adopted under the final rule will be provided at an upcoming BCG Monthly Telephone Briefing (most likely at the January 15, 2016 Telephone Briefing).

December Monthly Telephone Briefing

Tue, 8 Dec 2015 00:31:01 PST

The December BCG Monthly Telephone Briefing will be on Friday, December 18, 2015 from 12:00 - 1:30 p.m. This month's topics will be "2016 California Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

March BCG Seminar - Negotiable Instruments Law

Mon, 7 Dec 2015 21:55:04 PST

Aldrich & Bonnefin is pleased to invite you and your operations personnel to attend our Negotiable Instruments Seminar. This seminar should prove useful to personnel involved in risk management as well as those with a more advanced knowledge of banking operations. The program should also be helpful for beginners. We will review the requirements for check signatures and endorsements, the check collection process, funds availability rules and the various types of claims that may be asserted against both depositary and payor banks. This discussion will also focus on the impact electronic check processing has on both check collection and claims due to Check 21, image exchange and remote deposit. Finally, we will discuss stop payment rights, including the prerequisites to stopping payment on lost cashier's checks.

February BCG Seminar - ECOA/Regulation B & FCRA

Mon, 7 Dec 2015 21:45:47 PST

Aldrich & Bonnefin is pleased to invite you to a seminar on the Equal Credit Opportunity Act (ECOA), Regulation B and the Fair Credit Reporting Act (FCRA). Regulation B compliance remains a top priority for lenders and examiners alike. Regulation B applies to all areas of lending, including business, consumer and mortgage lending, and imposes strict compliance requirements on every aspect of a credit transaction, including applications, underwriting, price setting and signatures on loan documents. During the first three sessions of this program, we will focus on Regulation B, including how to evaluate income and assets under California's community property laws, signature rules, and adverse action notices (including the requirement to include credit scores in these notices). We will also discuss developments in the area of fair lending (including disparate impact and maternity leave issues). During the final session of the program we will cover current FCRA topics. This will include the permissible purposes to obtain consumer reports, handling consumer disputes about information in their consumer reports, and the responsibilities of users of consumer reports.

January BCG Seminar - Loan Participations

Mon, 7 Dec 2015 21:15:51 PST

Interest in the purchase of participations in commercial loans and also the purchase of whole commercial loans has increased over the last several years. Smaller institutions see these purchases as a way of growing their commercial loan portfolio, while larger institutions see the sale of participations and whole loans as a way of diversifying their portfolio. Institutions both large and small may look to participations as a way of dealing with lending limit issues. Whatever the motivation, an institution buying or selling must actively analyze the risks and benefits of the transaction and aggressively negotiate the terms of the transactions in an effort to protect its interests. With this in mind, Aldrich and Bonnefin is pleased invite you and your commercial lending staff, as well as your auditing and documentation staff, to our Seminar on loan participations and whole-loan purchases. This Seminar will not only provide a comprehensive review of the issues to be considered when selling or buying a loan participation or whole loan, but will also provide an excellent networking opportunity for lenders seeking to sell or purchase loans.

November 2015 Newsletter

Fri, 13 Nov 2015 18:43:29 PST

The November BCG Newsletter is here! This month's highlights include "Regulation C (HMDA) Final Amendments Issued," "Agencies Issue Statement on Cyber Attacks Involving Extortion," "FRB Issues Guidance Regarding Waiver of Exams Prior to Membership or Mergers," "FDIC Issues Advisory on Importance of Risk Management Functions Involving Loan Purchases and Participations," "Measure Aims to Curb Gender Wage Inequality" and "Credit Union Intending to Service Marijuana-Related Business Denied Federal Reserve Master Account."

December BCG Webinar - Compliance Roundup: A Look at 2016

Fri, 13 Nov 2015 18:31:07 PST

On December 17, 2015, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2016. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

November Monthly Telephone Briefing

Fri, 6 Nov 2015 19:08:19 PST

The November BCG Monthly Telephone Briefing will be on Friday, November 20, 2015 from 12:00 - 1:30 p.m. This month's topics will be "Final Amendments to Military Lending Act Regulations." We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - FINAL-WEB-ART-BCG-2015 10 16-Regulation C (HMDA) Final Amendment Issued

Fri, 16 Oct 2015 23:48:40 PST

On October 15, 2015 the CFPB released final amendments to Regulation C to implement the changes made to the Home Mortgage Disclosure Act (HMDA) under the Dodd-Frank Reform Act. Recall that the Reform Act increased the types of data that must be reported by banks, credit unions and other financial institutions and authorized the Bureau to require additional information as it deems appropriate. Of course in the Bureau's consistent fashion, the final rule requires lenders to report additional information beyond that required by the Reform Act.

October 2015 Newsletter

Fri, 9 Oct 2015 19:15:20 PST

The October BCG Newsletter is here! This month's highlights include "First American Title Loses RESPA Section 8 Class Action Ruling Before Ninth Circuit," "TRID Closing Disclosure - Liability after Foreclosure," "Credit Unions Reminded of Certain BSA-reporting Requirements," "Bill Would Restrict Employment Arbitration Agreements," "NCUA Increases "Small Entity" Asset Threshold" and FFIEC Releases 2014 HMDA Data."

30th Annual Management & Directors Seminar

Thu, 8 Oct 2015 16:44:09 PST

You are invited to attend the 30th Annual Management & Directors Seminar on Wednesday, December 9th, in San Francisco California and Thursday December 10th, in Anaheim.

October Monthly Telephone Briefing

Wed, 7 Oct 2015 18:16:03 PST

The October BCG Monthly Telephone Briefing will be on Friday, October 16, 2015 from 12:00 - 1:30 p.m. This month's topics will be "BSA and Providing Services to High-risk Businesses" We hope you will join us for the Briefing and the Q&A immediately following.

Important Update - Agencies Provide Insight on TRID Compliance Expectations

Fri, 2 Oct 2015 22:33:10 PST

At the request of the American Bankers Association and other industry representatives, top heads of the CFPB, OCC and FDIC provided some insight as to what financial institutions should expect when being examined for compliance with the TILA-RESPA integrated disclosure (TRID) rule. While each agency responded separately, reports indicate that all three letters were identical.

Important Update - TRID Update Regarding Disclosing Fees on the Written Provider List

Thu, 24 Sep 2015 17:13:00 PST

In the Consumer Finance section of the September 2015 BCG Newsletter was a Q&A article titled, "TRID and Written List of Providers." That article stated that, "[w]hile the TRID rule and the CFPB's commentary are silent on this point, the model form for the written list of providers (Model Form H-27(A)) includes an estimate column. From this, it appears that creditors must provide an estimate of the cost of the services provided by each listed service provider."

September 2015 Newsletter

Fri, 11 Sep 2015 21:23:40 PST

The September BCG Newsletter is here! This month's highlights include "Second Circuit: RESPA Mortgage Servicing Notice is FDCPA Initial Communication," "Disclosing Lender-paid Fees Under TRID," "FRB Clarifies Treatment of Transactions-Monitoring Costs under Regulation II," "SEC Adopts Final Pay Ratio Disclosure Rule," "BofA Real Estate Staff Appraisers Settle Overtime Exemption Class Action Claims" and "2014 CRA Small Business, Small Farm and CD Data Now Available."

October BCG Seminar - Letters of Credit

Fri, 11 Sep 2015 19:03:46 PST

Globalization of commerce has resulted in a dramatic increase in the need for letters of credit. More and more regional and independent financial institutions have found that in order to adequately service their clients, they must offer standby and commercial letters of credit products and services. Aldrich & Bonnefin is pleased to invite you, your commercial lending staff and your international banking personnel to attend our seminar on Letters of Credit. In this Seminar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on standby and commercial letters of credit. We will then explore the document examination process as well as documentary collection transactions.

September BCG Monthly Telephone Briefing

Fri, 11 Sep 2015 17:17:51 PST

September's BCG Monthly Telephone Briefing will be on Friday, September 18, 2015 from 12:00 - 1:30 p.m. This month's topic will be "TRID - It's All About the Timing." and "Interagency Guidance on HELOCs Nearing The End of Their Draw Periods." We hope you will join us for the Briefing and the Q&A immediately following.

August 2015 Newsletter

Fri, 14 Aug 2015 18:32:13 PST

The August BCG Newsletter is here! This month's highlights include "TRID Effective Date Delayed to October 3," "New Measure Increases IRS Mortgage Information Reporting Requirements," "DBO Proposes More Amendments to Subsidiary Licensing Proposal," "Amendments Seek to Cure California Sick Pay Law" and "NCUA Eases Ownership of Fixed Assets Rule," "Changes Coming to 2014 HMDA Disclosure Statements."

August BCG Monthly Telephone Briefing

Thu, 13 Aug 2015 22:06:13 PST

August's BCG Monthly Telephone Briefing will be on Friday, August 21, 2015 from 12:00 - 1:30 p.m. This month's topic will be "What Financial Institutions Need to Know About FFIEC's New Cybersecurity Assessment Tool" and "CFPB Supervision Observations on Private Mortgage Insurance." We hope you will join us for the Briefing and the Q&A immediately following.

October BCG Seminar - Letters of Credit

Wed, 12 Aug 2015 17:15:50 PST

Globalization of commerce has resulted in a dramatic increase in the need for letters of credit. More and more regional and independent financial institutions have found that in order to adequately service their clients, they must offer standby and commercial letters of credit products and services. Aldrich & Bonnefin is pleased to invite you, your commercial lending staff and your international banking personnel to attend our seminar on Letters of Credit. In this Seminar, we will start with a basic discussion about letters of credit and the rules that govern letters of credit, followed by a more focused discussion on standby and commercial letters of credit. We will then explore the document examination process as well as documentary collection transactions.

October 13 BCG Webinar - Automotive Financing: The CFPB "Larger Participant" Rule, Fair Lending and Other Compliance Hot Topics

Fri, 31 Jul 2015 23:38:29 PST

Beginning August 31, 2015 any person who extends or purchases at least 10,000 annual originations of credit for the purchase, lease or refinancing of a consumer automobile will be subject to supervision by the Consumer Financial Protection Bureau as a "larger participant" in the auto financing market. The CFPB's new larger participant rule will sweep in about 34 of the larger non-bank financing houses, accounting for about 91 percent of the non-bank auto financing market. This Webinar will discuss what it means for a non-bank lender (including "indirect" lenders) to become a CFPB-supervised financial institution for the first time. What are supervisory examinations like? What are the examination procedures? How can the company properly "manage" an examination? With CFPB supervision comes the expectation for having a robust compliance management system (CMS) and effective vendor management system (VMS). While regulated companies have long been aware of the need for strong compliance- and vendor-management systems, such programs may be new to non-banks who will now be subject to the larger participant rule. Other recent important developments in automobile finance include a massive fair lending settlement between the CFPB and American Honda Finance. American Honda has agreed to cap most dealer markups at .125% (half of the amount allowed by California law) and to monitor them closely, or else eliminate dealer markups altogether. The settlement probably sounds the death knell for most dealer discretion in setting the interest rates on automobile installment sales contracts.

July 2015 Newsletter

Thu, 9 Jul 2015 18:35:29 PST

The July BCG Newsletter is here! This month's highlights include "Agencies Issue Long-awaited Flood Rules," "Closing Disclosure: Liability After Foreclosure," "Cybersecurity Assessment Tool Made Available," "SEC Issues Proposal to Require Clawback Policies on Executive Compensation," "Court Rules Guarantors are Not Applicants Under ECOA," "DOL Proposes to Increase Overtime Eligibility Threshold," "Proposed Rule Aims to Improve Member Business Lending Rule" and "Agencies Update Host State Loan-to-deposit Ratios."

July BCG Monthly Telephone Briefing

Thu, 9 Jul 2015 18:24:16 PST

July's BCG Monthly Telephone Briefing will be on Friday, July 17, 2015 from 12:00 - 1:30 p.m. This month's topic will be "Flood Insurance Final Rule Addressing (Most of) Biggert-Waters & HFIAA." We hope you will join us for the Briefing and the Q&A immediately following.

November 19 BCG Webinar - Everything You've Always Wanted to Know About Escrow (Impound) Accounts But Were Afraid to Ask

Thu, 9 Jul 2015 17:39:08 PST

Escrow (impound) accounts on residential mortgages have been subject to regulation for many years under RESPA. Enormous changes occurred, however, in 2013 and 2014. In June 2013, new rules went into effect requiring creditors to establish escrow accounts on first-lien higher-priced mortgage loans (HPML) under Regulation Z. Then in January 2014, a new set of rules went into effect under RESPA to more closely regulate timely escrow payments and treatment of escrow balances. New rules on force-placed insurance were also adopted that turn in part on whether or not there is an escrow account in place. Most recently, new flood insurance regulations that will go into effect on January 1, 2016 will require escrowing of most flood insurance premiums on residential loans. Join us as we discuss the "new" escrow rules, even if they are just new to you. We will also touch on the older rules on escrow account analyses and how the escrow holder must deal with a surplus, deficiency or shortage (and how they differ).

November 12 BCG Webinar - Vendor Management

Thu, 9 Jul 2015 17:29:20 PST

New technology and product offerings continue to raise the bar for financial institutions to remain competitive in the marketplace. As a result, financial institutions are increasingly outsourcing activities and processes to third parties. Federal banking regulators continue to emphasize the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the banking regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor contracts, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists which incorporate the various considerations that should be a part of managing vendor relationships.

October 22 BCG Webinar - Regulatory Compliance for Commercial Lenders

Thu, 9 Jul 2015 17:23:34 PST

Commercial lending continues to be subjected to ever greater regulation, so commercial lenders need a working knowledge of the applicable regulations. Contrary to popular belief, commercial loans are subject to many of the so-called "consumer" regulations, as well as non-consumer regulations, such as flood and Regulation B. This Webinar will offer a practical approach to knowing when particular regulations apply to commercial loans and what the basic rules are. Loan officers, credit administrators, compliance managers and loan documentation personnel will benefit from this learning experience. At least two Q&A sessions will be provided.

October 15 BCG Webinar - Understanding and Managing ACH Risks

Thu, 9 Jul 2015 17:15:51 PST

Financial institutions that process automated clearing house (ACH) transactions are exposed to various types of risk when providing ACH origination services or receiving ACH transactions. For example, in providing ACH origination services as an originating depository financial institution (ODFI), one of the primary sources of risk generally comes from the warranties that ODFIs provide to other ACH participants, including that all ACH transactions are properly authorized and that the information in the ACH entries is correct. ODFIs are also required to indemnify other ACH participants for losses incurred due to a breach of warranty. NACHA has also adopted new rules for 2015, which lower the return rate thresholds for originators of ACH entries and implements enforcement procedures which impact ODFIs. As a receiving depository financial institution ("RDFI"), institutions are exposed to risk in the form of unauthorized ACH transactions, misrouting ACH transactions, untimely returns, as well as general credit and operational risks. Both ODFIs and RDFIs also have risk exposure for non-compliance with the NACHA Rules, including potential fines and penalties. This Webinar will discuss various ACH risks presented to institutions functioning as ODFIs and RDFIs and discuss how financial institutions can manage those risks. We will also discuss some of the recent and upcoming changes to the NACHA Rules that may impact a financial institution's ACH risk exposure.

September 17 BCG Webinar - New HMDA Data Collection Rules

Thu, 9 Jul 2015 17:07:42 PST

As most lenders are aware, the Dodd-Frank Reform Act made significant changes to the Home Mortgage Disclosure Act which increased the number of data fields HMDA lenders are going to have to collect and report. To implement these changes, the Consumer Protection Financial Bureau issued a proposal to amend Regulation C back in August 2014. 79 FR 51732. The Bureau has promised to issue a final rule this July, which will more than double the number of items of data lenders will have to collect and report. The additional information lenders will likely be required to collect and report include the spread between a loan's APR and the APOR, the applicant's credit score, the total points and fees paid in connection with HOEPA loans, the loan-to-value ratio, the term of the loan, and the number of months until the first date the interest rate may change after loan origination. We will cover the good, the bad and the ugly provisions of the final rule in an effort to assist lenders in managing their HMDA compliance program.

September 10 BCG Webinar - Doing Business with Family Trusts

Thu, 9 Jul 2015 16:55:04 PST

Aldrich & Bonnefin, PLC is pleased to invite your lending, operations and compliance staffs to a Webinar on "Doing Business with Family Trusts." Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. We will address both lending and banking operations issues. You will receive a detailed, downloadable discussion outline, not just skimpy PowerPoint slides!

August 27 BCG Webinar - Flood Insurance Regulatory Update

Thu, 9 Jul 2015 16:00:15 PST

The Biggert-Waters Flood Insurance Reform Act of 2012, Homeowner Flood Insurance Affordability Act of 2014 and (finally) the June 2015 final rule made numerous changes to the world of flood insurance. As a result, there has been confusion as to what the current flood insurance rules are and what the future rules will be. This two-hour Webinar will calm the waters (please excuse the pun). We will go through what is and will be the basics of the mandatory purchase of flood insurance requirements, the new requirement to escrow all residential flood insurance premiums, the requirement to force place insurance and the requirement to accept private flood insurance policies.

August 13 BCG Webinar - Employment Law Update

Thu, 9 Jul 2015 15:51:35 PST

The rules governing employment relationships are constantly changing based on the decisions made by the courts. Understanding the effect of these court decisions is essential for human resources specialists, as well as many managers and supervisors. To this end, Aldrich & Bonnefin, PLC is please to invite you, your human resource manager and staff, and your managers and supervisors, to our Employment Law Update webinar. During this Webinar, we will review the latest developments and changes in law and court decisions that will affect the way we handle certain human resources issues.

September BCG Seminar - New Accounts Documentation & Compliance

Thu, 9 Jul 2015 15:37:46 PST

Aldrich & Bonnefin invites you and your operations and compliance staffs to attend a Seminar covering New Accounts Documentation. Having proper new account policies and procedures can help financial institutions prevent or at least reduce the risk of fraud and other losses. This Seminar will focus on documents that institutions will want to review during the account-opening process for individuals, businesses (such as corporations, partnerships and LLCs), fiduciaries (for example, trusts, decedent estates and guardianships) and professionals (in particular, property management companies). Additionally, with an election year approaching, our discussion will also cover opening and maintaining political campaign accounts. Finally, we will address the recent FDIC guidance on brokered deposits which was released in the form of frequently asked questions.

Important Update - TRID Delay of Effective Date and Loans to Family Trusts: Follow-up to BCG Webinar

Fri, 26 Jun 2015 16:37:48 PST

Under a proposal recently issued by the CFPB, the effective date of the TILA-RESPA Integrated Mortgage Disclosures or "TRID" would be extended from August 1, 2015 to October 3, 2015. During the Bankers' Compliance Group webinar presented June 25 on the "New Closing Disclosure," a question was raised as to whether the delayed October 3, 2015 effective date would apply to the organizational exemption for family trusts. We believe that it would.

Important Update - Supreme Court Upholds Disparate Impact Theory under FHA

Fri, 26 Jun 2015 16:37:13 PST

The Supreme Court has ruled that disparate impact claims are recognized under the Fair Housing Act (FHA), Tex. Dep't of Hous. & Cmty. Affairs v. Inclusive Cmtys. Project, Inc., 2015 U.S. LEXIS 4249 (June 25, 2015). This is the first time the Supreme Court has formally endorsed the use of disparate impact theory in a housing discrimination case. "Disparate impact" occurs when a facially neutral policy or practice has in fact a disproportionate adverse impact on a prohibited basis group. There is no requirement to show that race-based considerations actually affected the thinking of the accused party.

Important Update - News Flash!

Wed, 17 Jun 2015 22:13:10 PST

CFPB Director Richard Cordray issued a Press Release today (June 17, 2015) announcing that the "Know Before You Owe" rule would be delayed until October 1, 2015. The rule, better known as the TILA-RESPA Integrated Mortgage Disclosures or "TRID", was set to become effective on August 1, 2015. As late as June 3, 2015 the Bureau had denied to Congress and the public that there would be any delays. The press release refers to the delay as a proposal. We will keep BCG members posted as we learn more.

June 2015 Newsletter

Fri, 12 Jun 2015 16:48:59 PST

The June BCG Newsletter is here! This month's highlights include "No Delay in Enforcing IMD Rule (TRID)," "NACHA Finalizes Same-Day ACH Settlement Rule," "Governor Appoints Scott Cameron as DBO Division of Financial Institution Senior Deputy Commissioner," "Supreme Court Protects Underwater Junior Lienholder Against Loss of Lien," "Associational Common Bond Final Rule Adopted," "San Francisco Ordinances Protect Part-time Employees; Require Notice of Work Schedules."

August BCG Seminar - Best Practices in Compliance Management

Wed, 10 Jun 2015 23:30:02 PST

Aldrich & Bonnefin is pleased to invite you, your compliance staff and the management of your financial institution to attend a Seminar on Best Practices in Compliance Management. This Seminar will focus on structuring an effective, risk-based compliance program for a financial institution and implementing the program's objectives. There will be case studies to make the seminar of immediate practical value to all who attend. With increasing regulatory scrutiny and civil litigation against financial institutions, as well as the implementation of the new integrated mortgage disclosures, attention must be paid to systems and procedures for compliance with federal and state laws and regulations. Without a structured compliance program, compliance dollars can be wasted and the institution's ability to comply can be dramatically diminished. Without a formal compliance program, the institution is exposed to the risk of liability to shareholders, customers and regulators alike. In contrast, having a strong, well-managed compliance program can mitigate any occasional violations that inevitably occur.

June BCG Monthly Telephone Briefing

Wed, 10 Jun 2015 23:20:39 PST

June's BCG Monthly Telephone Briefing will be on Friday, June 19, 2015 from 12:00 - 1:30 p.m. This month's topic will be "Credit Advertising Compliance." We hope you will join us for the Briefing and the Q&A immediately following.

July BCG Webinar - Thursday, July 16

Wed, 10 Jun 2015 21:46:03 PST

Dealing with powers of attorney can be both confusing and complicated depending on the content of the power of attorney and the types of transactions an attorney-in-fact requests. To help reduce the institution's risk exposure, it is first important to understand the rights and obligations of the financial institution when deciding whether and to what extent to permit an attorney-in-fact to act for a customer. Join us for this informative Webinar as we discuss the rights of an attorney-in-fact to act for the institution's customer in relation to the rights of the financial institution to either accept or reject a power of attorney. We will also consider whether an institution can refuse to deal with an attorney-in-fact with whom they have had a bad experience in the past. Finally, we will cover how best to deal with a deposit account for which a financial institution already has a power of attorney on file, including the extent of the institution's monitoring obligations

Important Update - FEMA OKs Use of Standard Flood Hazard Determination Forms Until Updated

Wed, 20 May 2015 22:46:15 PST

With flood waters come muck and mire. And, determining which is the appropriate version of the Standard Flood Hazard Determination Form (SFHDF) to be used in documenting a flood zone determination is no less murky. However, a recent post on FEMA's website regarding the approaching expiration of the SFHDF might help to clear away some of the murkiness.

May 2015 Newsletter

Fri, 8 May 2015 19:40:21 PST

The May BCG Newsletter is here! This month's highlights include "Mortgage Loan Preapprovals Are Not Dead," "Ability to Repay," "CFPB Fines Bank for Overdraft Practices; Issues Consumer Advisory on Overdrafts," "Frequently Asked Questions on the Regulatory Capital Rule," "Real Estate Developer and Escrow Agent Indicted for Bank Fraud," "NCUA Revised Appraisal Regs to Expand Beyond Reg B," "Accommodations May Be Required Under Pregnancy Discrimination Act" and "FFIEC Updates CRA Data Collection Guide."

May BCG Webinar - Thursday, May 21

Mon, 4 May 2015 20:19:18 PST

More and more regulations specifically require board approval, oversight and periodic review. Not surprisingly, the board's level of support will directly bear upon the success of the institution's compliance program. In order to ensure an effective approach, compliance must be a major objective in the institution's organization including the actions of the board of directors. In this webinar, we will focus on the compliance responsibilities of directors and how to integrate board oversight into the compliance function. The board of directors and senior management must set goals for the compliance effort of the institution. Once formulated, the compliance program should be specifically established by board resolution. Involvement of the board and management should be periodically reflected in minutes of the board and committee meetings to evidence compliance management and review functions. We will provide specific guidance on how these efforts of the board can be managed and documented. In this program, we will identify the areas of compliance that require, at least annually, review and approval by an institution's board of directors. In addition, we will identify specific areas where annual review and approval is not specifically required by law or regulation, but periodic reviews are recommended. A helpful board checklist will be provided.

July BCG Seminar - Commercial Lending

Mon, 4 May 2015 18:32:02 PST

As loan demand slowly increases, commercial lenders must maintain a delicate balance between prudent lending standards and creative loan terms that may be dictated by today's competitive marketplace. Now more than ever, it is essential that lenders have a solid understanding of the fundamentals of commercial lending. With this in mind, Aldrich & Bonnefin is pleased to invite you to attend our Commercial Lending Seminar. This Seminar will focus on a number of issues that lenders regularly face including due diligence and documentation issues. In addition, this Seminar will include a discussion of SBA lending and a UCC case law update. In-house

May BCG Monthly Telephone Briefing

Mon, 4 May 2015 17:47:21 PST

May's BCG Monthly Telephone Briefing will be on Friday, May 8, 2015 from 12:00 - 1:30 p.m. This month's topic will be "Deposit Product Advertising." We hope you will join us for the Briefing and the Q&A immediately following.

April 2015 Newsletter

Fri, 10 Apr 2015 18:54:46 PST

The April BCG Newsletter is here! This month's highlights include "CFPB Issues Report on Arbitration Agreements," "Broker-provided Loan Estimate & Loan ID Number," "OCC Revises Booklet on Deposit-related Credit Products," "Registration of ".bank" Domains Available Only Through Authorized Registrars" and "Supreme Court Upholds DOL Interpretation on MLO Overtime Exemption."

June BCG Webinar - Thursday, June 25

Fri, 10 Apr 2015 17:33:32 PST

You know that the August 1, 2015 effective date of the new Loan Estimate and Closing Disclosure is fast-approaching. And you know you need to know the ins and outs of the new disclosures before then. You know you also need to be able to test your systems to ensure compliance with the new rules and train your staff prior to that date. How do you do all of this while still taking care of everything else on your desk? Our two-part Webinar series on these new disclosures is your answer! Join us on June 25, 2015 for our two-hour, information-packed Webinar that walks you through the Closing Disclosure. In easy-to-understand terms, we will discuss the Closing Disclosure's coverage, timing requirements and contents as well as the prohibition on marking up settlement service charges and when a lender must issue a corrected Closing Disclosure. On June 11, 2015, we will host a Webinar that covers the Loan Estimate (refer to the separate announcement for that program). As always, there will be plenty of opportunities to ask questions, so bring them! If you miss either of these Webinars, do not fret! CDs of our webinars are always available for purchase.

June BCG Webinar - Thursday, June 11

Fri, 10 Apr 2015 17:22:14 PST

You know that the August 1, 2015 effective date of the new Loan Estimate and Closing Disclosure is fast-approaching. And you know you need to know the ins and outs of the new disclosures before then. You know you also need to be able to test your systems to ensure compliance with the new rules and train your staff prior to that date. How do you do all of this while still taking care of everything else on your desk? Our two-part Webinar series on these new disclosures is your answer! Join us on June 11, 2015 for our two-hour, information-packed Webinar that walks you through the new Loan Estimate-its coverage, timing requirements and contents. We will also discuss in easy-to-understand terms the new tolerances and when a creditor may issue a revised Loan Estimate. Then join us again on June 25, 2015 for an extremely informative Webinar on the Closing Disclosure. As always, there will be plenty of opportunities to ask questions, so bring them!

May BCG Webinar - Thursday, May 14

Fri, 10 Apr 2015 17:03:19 PST

Financial institutions have an obligation to properly identify and document both new and existing customers and are also expected to know more and more about their customers before permitting them to open and maintain deposit accounts. Trying to determine not only the customer's "legal name" but also who is authorized to act on behalf of the particular customer and whether that customer poses a BSA risk is becoming increasingly more difficult. Please join us as we discuss account documentation in a way that will help your institution satisfy its CIP and customer due diligence obligations, including identifying the individuals authorized to act on behalf of business and fiduciary customers. This Webinar will be a helpful learning experience for both seasoned and less experienced new accounts personnel.

June BCG Seminar - General Banking Operations

Fri, 10 Apr 2015 16:51:38 PST

Aldrich & Bonnefin, PLC is pleased to invite you and your operations staff to attend a seminar addressing several important areas of banking operations. We will discuss Bank Secrecy Act developments, including customer due diligence requirements and providing deposit services to third-party payment providers (TPPPs). The Seminar will also include a session focused on the rules and analysis triggered when launching deposit promotions. This discussion will hit on many points, including promotional regulatory disclosures, tax reporting, lotteries, social media, UDAAP and more. We will also address the requirements you need to know when opening accounts for non-resident alien depositors, including W-8 documentation, documentary due diligence and back-up withholding. Finally, we will discuss recent cases addressing the handling of bankruptcy deposits, updates to the unclaimed property fees and aggregate reporting requirements, and substitute IRS W-9s.

April BCG Monthly Telephone Briefing

Fri, 10 Apr 2015 16:30:14 PST

April's BCG Monthly Telephone Briefing will be on Friday, April 17, 2015 from 12:00 - 1:30 p.m. This month's topic will be "Closing Disclosure." We hope you will join us for the Briefing and the Q&A immediately following.

March 31 Call Report to be Used For Making AOCI Election

Wed, 25 Mar 2015 13:45:01 PST

Financial institutions that are not subject to the Basel III advanced approaches risk-based capital rules are reminded that an election regarding Accumulated Other Comprehensive Income (AOCI) is to be made with the filing of the March 31, 2015 Consolidated Reports of Condition and Income (Call Report).

U.S. Supreme Court Upholds Department of Labor's Interpretation on Mortgage Loan Officer Exemption from Overtime and Minimum Wage

Fri, 13 Mar 2015 20:18:06 PST

In 2010, the U.S. Department of Labor (DOL) issued an interpretation which clarified that employees engaged in duties that are typical of a mortgage loan officer are not exempt administrative employees.

March BCG Newsletter

Wed, 11 Mar 2015 18:25:54 PST

The March BCG Newsletter is here! This month's highlights include "11th Circuit Shows How Seriously Courts Take FCRA Compliance," "Statement of Written Estimate under IMD Rule," "FDIC Study: Branch Banking Remains Prevalent Despite Growth of Mobile, Online Banking," "Including Notice of Availability of Annual Privacy Notice on Periodic Statement," "SEC Proposes Rule to Disclose Employee, Director Hedging," "Incorrect Filing of Termination of UCC Financing Statement Leaves Creditor Unsecured on $1.5 Billion Credit," "DOL Final Rule Defines Spouse for FMLA Purposes" and "Institutions Encouraged to Promote Financial Literacy Among Youth."

May BCG Seminar - Mortgage Lending Compliance

Tue, 10 Mar 2015 23:49:23 PST

Aldrich & Bonnefin is pleased to invite you to attend our Mortgage Lending Compliance Seminar. This program will provide an in-depth look at several compliance topics involving closed-end (non-revolving) mortgage loans. These include the all-important flood insurance regulations and the status of regulatory changes, the new Integrated Mortgage Disclosures under Regulation Z which go into effect August 1, 2015, and selected California mortgage laws. We hope you will join us for this informative program on these important mortgage lending compliance topics.

March BCG Monthly Telephone Briefing

Tue, 10 Mar 2015 23:35:38 PST

March's BCG Monthly Telephone Briefing will be on Friday, March 20, 2015 from 12:00 - 1:30 p.m. This month's topic will be "Integrated Mortgage Disclosures and the New Loan Estimate." We hope you will join us for the briefing and the Q&A immediately following.

April BCG Webinar

Tue, 10 Mar 2015 23:16:44 PST

On Thursday, April 16, 10:00 - 11:30 a.m., Aldrich & Bonnefin is pleased to invite you to a Webinar on recent updates to BSA and Anti-Money Laundering compliance. Over the past year or so, there have been more than a few guidances, advisories and even proposed rules published by the agencies, including the FDIC and FinCEN, dealing with BSA/AML compliance requirements. In this Webinar we will discuss these developments and consider their impact on the BSA compliance obligations of financial institutions. More specifically, we will discuss the proposed rules for customer due diligence and beneficial ownership, FinCEN advisories on promoting a culture of compliance and providing banking services to money services businesses, and the FDIC's recent FIL on providing banking services to different categories of customers. This training Seminar will help financial institution employees focus on these developments and avoid some of the practical problems encountered in the ever-changing BSA environment.

April BCG Webinar

Tue, 10 Mar 2015 23:09:37 PST

On Wednesday, April 22, 10:00 a.m. - 12:00 p.m., Adrich & Bonnefin is pleased to invite you and your staff to attend our Webinar on Overdraft Programs: Lessons Learned and Recent Developments. Our program will provide an overview of the relevant regulatory guidance on automated overdraft protection programs (ODP), with a focus on the issues that financial institutions have encountered during recent compliance examinations. If your institution's ODP has yet to be examined for compliance, you may be in for an unpleasant surprise. Issues being raised by examiners include the sufficiency of disclosures regarding the alternatives available to consumers in addition to the overdraft program (such as account transfer services and revolving lines of credit), whether an institution's monitoring program is robust enough and claims of unfair, deceptive and abusive acts or practices (UDAAP).

February BCG Newsletter

Fri, 13 Feb 2015 21:31:21 PST

The February BCG Newsletter is here! This month's highlights include "CFPB Issues Clarifications to IMD Final Rule," "FDIC Advises a Risk-based Approach to Establishing Customer Relationships," "Notice of Availability for an Annual Privacy Notice Provided via a Website: "On" Means "On"," "Fed Proposes Changes to Small Bank Holding Company Policy Statement," "California Paid Sick Leave" and "NCUA Reissues a Revised Risk-based Capital Proposal."

April BCG Seminar

Fri, 13 Feb 2015 21:05:51 PST

February BCG Monthly Telephone Briefing

Fri, 13 Feb 2015 20:32:20 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 20, 2015 from 12:00 - 1:30 p.m. This month's topics will be "Current Regulatory Expectations for Non-deposit Investment Products" and "FFIEC Information Technology Examination Handbook Update: Managing Third-party Risk in Business Continuity Planning." We hope you will join us for the Briefing and the Q&A immediately following.

BCG March Webinar

Fri, 6 Feb 2015 19:27:27 PST

On Thursday, March 26, from 10:00 a.m. - 12:00 pa.m., Aldrich & Bonnefin is presenting a Webinar titled, "Compensation & Indemnification of Directors and Officers Today." Over the past several years, compensation and indemnification of financial institution directors and officers have been a source of friction between financial institutions and regulatory authorities. Primarily, the FDIC is concerned about the exposure of the Deposit Insurance Fund to what it views as excessive compensation, as well as unwarranted indemnification of directors and officers. Many of these issues were raised during the financial crisis. Concerns have also been raised by shareholders of financial institutions looking to protect their investments. As a result, the FDIC and other federal agencies have issued regulations to address compensation and indemnification issues. Financial institutions have been put in the middle of having to comply with the additional limitations surrounding compensation and indemnification, and trying to obtain and retain the best directors and officers. In this program, we will broadly review the rules and regulations associated with compensation and indemnification. In particular, we will review requirements of the Sarbanes-Oxley Act and stock exchange listing rules, the Emergency Economic Stabilization Act (for TARP recipients), the Dodd-Frank Reform Act, California state law and federal banking regulations. Don't miss this opportunity to bring your compensation and indemnification procedures up to date!

February BCG Webinar

Fri, 6 Feb 2015 19:25:11 PST

On Thursday, February 19, from 10:00 - 11:30 a.m., Aldrich & Bonnefin is presenting a Webinar titled, "Fair Lending Tune Up. " Fair lending is a broad legal and compliance concept that protects equal access to credit in the United States. At its root, fair lending means that similarly situated applicants and borrowers should receive similar treatment. Equality of results is not required but equality of process is. Banks and other lenders are experiencing increased pressure from regulators, not least of which is the Consumer Financial Protection Bureau, to enhance their fair lending processes. Fair lending does not happen by accident; rather, it is a mandated ongoing process. Every regulated lender must have a written fair lending program in place, addressing every aspect of the lending process, from marketing and underwriting to pricing and servicing. Fair lending is not limited to residential lending - it extends to commercial and consumer lending of all types. We recently have seen close scrutiny of minimum loan amounts and credit score disqualifiers. This one and one-half hour webinar will provide an update on fair lending laws and processes for lenders of all types. A detailed written outline will be provided (not just sketchy PowerPoint slides). Plenty of time will be allowed for questions and answers. Some familiarity with lending processes will be assumed.

CFPB Proposes Changes to Assist Small Lenders with Mortgage Rules

Fri, 30 Jan 2015 20:23:27 PST

The CFPB is requesting comments on a proposal that is aimed at assisting smaller institutions, including those in rural areas, in complying with its mortgage rules. The proposal, issued on January 29, 2015, would amend Regulation Z in several respects.

Important Update - CFPB Issues Clarifications to IMD Final Rule

Thu, 29 Jan 2015 01:08:53 PST

An Important Update has been posted to the BCG Website titled, "CFPB Issues Clarifications to IMD Final Rule." On January 21, 2015, the CFPB issued a final rule which amends the TILA-RESPA Integrated Mortgage Disclosure (IMD) Rule in several respects. The final rule is based upon the CFPB's earlier proposal, which was issued in October 2014. 79 FR 64336. The final rule, which is effective August 1, 2015, makes two much-needed modifications, as well as other clarifications, to the IMD Rule.

January Monthly Telephone Briefing

Thu, 8 Jan 2015 19:57:06 PST

The January BCG Monthly Telephone Briefing will be on Friday, January 16, 2015 from 12:00 - 1:30 p.m. This month's topics will be "Skin in the Game: Credit Risk Retention Rule" and "FDIC's New Brokered Deposit Guidance." We hope you will join us for the Briefing and the Q&A immediately following.

March BCG Seminar

Thu, 8 Jan 2015 19:41:07 PST

Aldrich & Bonnefin, PLC is pleased to invite you to attend our Seminar on the subject of legal processes. The program will focus on levies and subpoenas served by private parties as well as those served by state and federal government agencies. Our discussion will include the fundamentals of processing a levy and important principles for determining whether a business or personal account is subject to levy. In addition to levies and executions, we will discuss how to respond to requests for customers' financial records. During this segment, the program will focus on civil subpoenas as well as government requests for information under the California and Federal Right to Financial Privacy laws, including requests from the IRS, SEC and CFPB. This Seminar is intended to be of benefit to individuals will all levels of experience.

January BCG Newsletter

Wed, 7 Jan 2015 21:14:09 PST

The January BCG Newsletter is here! This month's highlights include "President Signs Measure Extending SCRA Foreclosure Protections," "IRS Expands List of NRA Countries Subject to 1042-S Reporting," "Volcker Rule Investment Conformance Period Extended (Again)," "SBA Adopts Small Business Credit Scoring Tool," "NCUA Adopts Clarifying Amendments to Appraisal Rule," "NLRB Rules Workers May Use Employer Email To Discuss Workplace Conditions" and "Annual Adjustment Made to Asset-size Threshold for Defining Small Banks Under CRA."

Measure to Extend SCRA Foreclosure Protections Awaiting President’s Signature

Wed, 17 Dec 2014 19:37:47 PST

A bill (S. 3008) that would extend the sunset date on foreclosure protection provisions under the Servicemembers Civil Relief Act (SCRA) from December 31, 2014 to December 31, 2015 has been sent to President Obama for signature.

December Monthly Telephone Briefing

Sat, 13 Dec 2014 16:33:00 PST

The December BCG Monthly Telephone Briefing will be on Friday, December 19, 2014 from 12:00 - 1:30 p.m. This month's topics will be "2015 California Legislation Update." We hope you will join us for the Briefing and the Q&A immediately following.

February BCG Seminar

Sat, 13 Dec 2014 16:33:01 PST

It appears that the Truth in Lending Act and Regulation Z will make 2015 an interesting - and challenging - year. As compliance and lending professionals know, the new Loan Estimate and Closing Disclosure will go into effect on August 1, 2015. At the same time, creditors will also be required to provide consumers with a new Escrow Closing Notice if a consumer's escrow (impound) account is closed, whether by the consumer or the creditor. These new disclosure requirements will necessarily demand quite a bit in the way of preparation and implementation. Creditors will have to install new releases from their loan documentation software providers, then tailor the changes to their particular mortgage loan products, and thereafter conduct extensive testing. In addition, creditors will need to draft new compliance procedures and then train their staff on the new disclosure requirements. And these efforts, which need to be completed well before August 1st, will mean that a creditor's lending and compliance staffs will have to have a detailed understanding of the new disclosure requirements. Our TILA & Regulation Z Seminar will focus on these new disclosures and how they are supposed to work. In addition, we will cover other Regulation Z topics, including the coverage and exemption rules, right of rescission requirements, and selected issues regarding open-end credit disclosures.

January BCG Webinar

Sat, 13 Dec 2014 16:33:02 PST

On Thursday, January 22, from 10:00 - 11:30 a.m., Aldrich & Bonnefin is presenting a Webinar titled, "Handling a Deceased Customer's Property!" This Webinar is designed as a guide for your personnel to use in releasing property and funds the financial institution is holding which belong to a customer at the time of the customer's death. For example, we will address the procedures an institution's personnel should follow with respect to an account or safe deposit box when a customer is reported deceased. The procedures to follow will differ depending on the account structure and the manner of ownership of each particular account.

November BCG Newsletter

Sat, 13 Dec 2014 16:32:48 PST

The November BCG Newsletter is here! This month's highlights include "CFPB Adopts Alternative Delivery Method For Annual Privacy Notices," "HELOCs and End of Draw Period," "Free Checking" Advertisement Costs Bank," "Skin in the Game: Credit Risk Retention Rule Issued," "Risk Weights Increasing to 150% for Some Construction Loans," "Supreme Court to Review Case Over Regulatory Powers" and "Spanish Language Money Smart Tool for Older Adults."

January BCG Seminar

Sat, 13 Dec 2014 16:33:01 PST

The rules and regulations governing the employment relationship create a veritable minefield for the unsuspecting employer. To successfully negotiate this minefield, the employer, through its human resources department and its managers and supervisors, must manage the risks presented by the employment relationship with vigilance and proactive legal counseling from attorneys well-versed in employment law. To this end, Aldrich & Bonnefin, PLC is pleased to invite you, your human resource manager and staff, and your managers and supervisors, to our Employment Law Seminar. This Seminar will focus on a practical approach to some of the day-to-day issues that are presented by the employment relationship. Each topic will be discussed with the objective of identifying strategies and procedures for effectively managing the employment relationship.

January BCG Webinar

Sat, 13 Dec 2014 16:33:02 PST

On Wednesday, January 14, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "HMDA & CRA Data Collection: Yes, We Can Do It Right.!" With March 1, 2015 just around the corner, are you prepared to submit your 2014 HMDA and CRA data? Correctly identifying and reporting applications and loans subject to the Home Mortgage Disclosure Act continues to challenge both novice and experienced lenders. Moreover, with the potential for being assessed penalties associated with reporting errors, it is crucial for an institution's HMDA data gathering and reporting processes to be precise. When it comes to the Community Reinvestment Act, lenders need to be familiar with what qualifies as a small business loan or a small farm loan and whether a borrower is a small business or small farm. For both CRA and HMDA, it goes without saying, data integrity is a must! Join us as we review the rules for collecting and reporting HMDA and CRA data.

November Monthly Telephone Briefing

Sat, 13 Dec 2014 16:33:00 PST

The November BCG Monthly Telephone Briefing will be on Friday, November 21, 2014 from 12:00 - 1:30 p.m. This month's topics will be "CFPB'S New Rule Allowing Electronic Posting of Annual Privacy Notices," "Regulation Z Final Rule: Curing Qualified Mortgage Points & Fees" and "Flood Insurance Proposed Rule on New Detached Structure Exemption & New Escrow Requirements." We hope you will join us for the Briefing and the Q&A immediately following.

November

Sat, 13 Dec 2014 16:33:00 PST

October BCG Newsletter

Sat, 13 Dec 2014 16:32:48 PST

The October BCG Newsletter is here! This month's highlights include "Reg Z Dollar Exemption Threshold Revised," "Appraisal Notice for Denied Application," "Visa Revised Zero Liability Update," "Banking Agencies Issue (Another) Proposal on Swap Margin Requirements," "New Law Imposes Mandatory Paid Sick Leave" and "Agencies Propose More Changes to CRA Q&As,"

December BCG Webinar

Sat, 13 Dec 2014 16:33:01 PST

On Tuesday, December 16, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Integrated Mortgage Disclosures - The New Closing Disclosure." In its effort to create forms that consumers can understand, the CFPB issued its final rule in December 2013 to combine the TILA and RESPA mortgage disclosures. The new disclosures, which become effective August 1, 2015 - yes, 2015 - include a "Loan Estimate" to be given upon receipt of a mortgage loan application and a "Closing Disclosure" which will be provided to consumers three business days prior to consummation (loan signing). We will discuss the ins and outs of these new disclosures in two separate Webinars. In November 2014, we will host a Webinar that covers the Loan Estimate. This December Webinar will cover the Closing Disclosure.

December BCG Webinar

Sat, 13 Dec 2014 16:33:01 PST

On Thursday, December 11, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Compliance Roundup: A Look at 2015." December 11, 2014, Aldrich & Bonnefin is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2015. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

October Monthly Telephone Briefing

Sat, 13 Dec 2014 16:33:00 PST

The October BCG Monthly Telephone Briefing will be on Friday, October 17, 2014 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Proposed HMDA Reform." We hope you will join us for the Briefing and the Q&A immediately following.

December BCG Seminar

Sat, 13 Dec 2014 16:33:00 PST

The 29th Annual Management & Directors Seminar Current Trends in California Bank - Where Are We Going? "The 2015 U.S. and California Economic Outlook, " presented by keynote speaker Dr. Esmael Adibi Director, A. Gary Anderson Center for Economic Research, Chapman University. Other topics presented by Mark Aldrich, Robert Olsen, Keith Forrester and Anne McEvilly are "The Evolving Duties of the Board," "Lending Regulatory Update," "Banking Operations and FinTech Hot Topics," "Insider Transactions Revisited" and "Top 10 Risk Management Issues for 2015."

September BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The September BCG Newsletter is here! This month's highlights include "Agencies Provide Direction on Enforcing Unfair or Deceptive Acts and Practices," "Opt-out Needed For Change in Terms on Non-credit Card Credit?," "FRB Extends Remittance Transfer Rule Temporary Exemption; Makes Other Clarifying Changes," "Red Flag Rules," "Regulators Adopt New Liquidity Coverage Standards," "Clarification of Debtor Name Rules for Individuals on UCC Filings" and "CRA Small Business, Small Farm and CD Data Released."

September Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The September BCG Monthly Telephone Briefing will be on Friday, September 19, 2014 from 12:00 - 1:30 p.m. This month's topic will be "FinCEN Finally Issues Proposed New Customer Due Diligence Requirements," "CFPB's Amendments to Its Remittance Transfer Rule" and "Visa Updates Its Zero Liability Policy." We hope you will join us for the Briefing and the Q&A immediately following.

November BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich & Bonnefin invite you to attend our Electronic Banking Seminar. In this full-day Seminar, we will discuss an institution's obligations that arise from this expansion, including liability and compliance responsibilities for mobile banking and funds transfers. We will also address the various rules and regulations relating to electronic banking, such as Regulation E, the NACHA rules and the UCC. Our program will also cover some of the contract and disclosure requirements related to these rules. Finally, we will discuss the recent changes to the MasterCard and Visa rules relating to consumer and business transactions.

November 20th - BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Thursday, November 20, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Vendor Management." New outsourced technology and product offerings have raised the bar for financial institutions to remain competitive in the market place. As a result, financial institutions are increasingly outsourcing activities and processes to third parties. In the last few years federal banking regulators have emphasized the need for institutions to manage the risks associated with vendor relationships. In some cases, the failure to adequately manage these relationships have resulted in significant regulatory penalties, legal risks and reputational damage. Join us as we discuss the banking regulators' expectations regarding your institution's vendor management program, including the need for your board's involvement, critical risk assessments, vendor selection, negotiating vendor agreements, and your ongoing monitoring obligations. As part of the Webinar we will include a discussion of due diligence and contract negotiation checklists that incorporate the various considerations that should be a part of these activities.

October 21st - BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Tuesday, October 21, from 10:00 - 11:30 a.m., Aldrich & Bonnefin is presenting a Webinar titled, "California Unclaimed Property Law." The first holder report in California's two-step reporting process for unclaimed property is known as the Holder Notice Report. The Holder Notice Report is due annually prior to November 1st and includes a complete listing of a holder's unclaimed property that is currently reportable. However, the property will not be remitted until the separate Holder Remit Report is filed the following year. We will discuss practice tips and reminders from the California State Controller's Office to ensure your reports are approved and to avoid future interest assessments. The presentation will also outline the timelines for escheat of deposit accounts, safe deposit box contents and bank-issued instruments. We will address the legal notices required to be provided to cusomers at account opening and again prior to the reporting process. Also covered will be changes that went into effect July 1, 2014, impacting the threshold for aggregate reporting and clarifications regarding the limitations on imposing service charges.

November 13th - BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Thursday, November 13, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Integrated Mortgage Disclosures - The New Loan Estimate." In its effort to create forms that consumers can understand, the CFPB issued its final rule in December 2013 to combine the TILA and RESPA mortgage disclosures. The new disclosures, which become effective August 1, 2015 - yes, 2015 - include a "Loan Estimate" to be given upon receipt of a mortgage loan application and a "Closing Disclosure" which will be provided to consumers three business days prior to consummation (loan signing). We will discuss the ins and outs of these new disclosures in two separate webinars. This November Webinar will cover the Loan Estimate. The Webinar on December 16, 2014 will cover the Closing Disclosure.

October BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Wednesday, October 15, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Flood Insurance Regulations Update." The Biggert-Waters Flood Insurance Reform Act of 2012 and Homeowner Flood Insurance Affordability Act of 2014 made numerous changes to the world of flood insurance. As a result, there has been confusion as to what are the current flood insurance rules and what will be the future rules. This two-hour Webinar will calm the waters (please excuse the pun). We will go through what is and will be the basics of the mandatory purchase of flood insurance requirements, the requirement to escrow flood insurance premiums, the requirement to force place insurance and the requirement to accept private flood insurance policies.

September BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Wednesday, September 24, from 10:00 a.m. - 12:00 p.m., Aldrich & Bonnefin is presenting a Webinar titled, "Regulatory Compliance for Commercial Lenders." This Webinar will offer a practical approach to knowing when particular regulations apply to commercial loans and what the basic rules are. Loan officers, credit administrators, compliance managers and loan documentation personnel will benefit from this learning experience. At least two Q&A sessions and a detailed, downloadable outline will be provided.

September BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Wednesday, September 10, from 10:00 - 11:30 a.m., Aldrich & Bonnefin, PLC is presenting a Webinar titled, "Deposit Services for Payment Processors and Lessons Learned From Operation Choke Point." This Webinar will discuss Operation Choke Point and address the FDIC's evolving guidance, including the agency's position on the depository institution's customer due diligence and ongoing monitoring obligations. We will look at the warning signs attributable to high-risk payment processor relationships. We will also address practical considerations that are triggered when managing these relationships, including how these accounts are structured, documentation challenges and the services usually needed to facilitate the payment process.

August BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The August BCG Newsletter is here! This month's highlights include "CFPB Issues Proposal to Amend Regulation C," "FinCEN Proposes CDD Requirements," "CFTC Gives SD and MSP Another Break From Reporting Requirements," "EEOC Issues Guidance on Pregnancy Discrimination" and "Agencies Update List of Distressed and Underserved Geographies."

August BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Thursday, August 28, from 10:00 a.m. - 11:00 a.m., Aldrich Bonnefin & Moore is presenting a Webinar titled, "Bitcoins and Other Virtual Currencies: The Myths and Realities." Virtual currencies present an opportunity for new ways of transmitting, storing and receiving monetary value. Or, at least, this is the world some entrepreneurs envision. As bankers, our questions tend to be more focused on legal and operational details. This webinar is designed to provide a review of the more important developments in this field. We will also provide a summary of what a "virtual currency" is and is not!

August BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Monday, August 25, from 10:00 a.m. - 12:00 p.m., Aldrich Bonnefin & Moore is presenting a Webinar titled, "Regulatory Compliance Training for Loan Originators." Under rules that became effective on January 1, 2014, all loan originators of dwelling-secured credit must receive training on state and federal laws applicable to their job duties. This new requirement appears as part of the loan originator qualification requirements in Regulation Z. It applies to all residential mortgage loan originators, both employees and third-party mortgage brokers. The training requirements apply to a loan originator regardless of whether he or she meets the definition of a "mortgage loan originator" under the SAFE Act. Under Regulation Z, the term "loan originator" is defined broadly and includes any employee who takes an application for a residential mortgage or offers, arranges or assists a consumer in obtaining or applying for a dwelling-secured, closed-end loan. The rule is limited to closed-end mortgages; home equity lines of credit are not covered. This two-hour Webinar will provide training that is relevant to all loan originators and will help fulfill their training requirements under Regulation Z. Under Regulation Z, training must cover both federal and state law applicable to the LO's job responsibilities. This Webinar will cover both state and federal law.

October BCG Seminar - Loan Participations

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you to attend our Loan Participations Seminar. This all-day seminar will cover covering the fundamentals of loan participations, as well as a checklist for the review of a form of participation agreement both as an initial matter and in the face of a troubled loan. This Seminar will also provide an excellent networking opportunity for lenders seeking to sell loan participations and lenders seeking to purchase participations.

August BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The August BCG Monthly Telephone Briefing will be on Friday, August 15, 2014 from 12:00 - 1:30 p.m. This month's topic will be "What You Need to Know When Selecting Vendors and Negotiating Vendor Agreements" and "MasterCard Updates Its Zero Liability Policy." We hope you will join us for the Briefing and the Q&A immediately following.

September BCG Seminar - Mortgage Lending Compliance

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you to attend our Mortgage Lending Compliance Seminar. This all-day seminar will provide an in-depth look at several compliance topics involving closed-end (non-revolving) mortgage loans. These include the current flood insurance regulations and new developments (we anticipate that the federal agencies will issue a final rule amending the flood insurance regulations well before this program), the new Integrated Mortgage Disclosures under Regulation Z which go into effect August 1, 2015, and the Regulation B Appraisal Rule which became effective this past January. We hope you will join us for this informative program on these important mortgage lending compliance topics. Special Note Regarding Training for Loan Originators: This seminar can assist creditors who employ "Loan Originators" (as defined by Reg Z) or "Mortgage Loan Originators" (as defined under the SAFE Act regulations) to satisfy the obligation to provide appropriate training for these individuals.

July BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The July BCG Newsletter is here! This month's highlights include "No FCRA Violation When Requesting A Consumer Report to Verify Identity," "Loan Originator Compensation," "California Lawmakers Pass Measure to Recognize Digital Currencies," "Volcker Rule Guidance," "Changes to SBA Loan Requirements," "U.S. Supreme Court To Consider Mortgage Loan Officer Overtime Exemption" and "NCUA Proposes Amendments to its Appraisal Rule."

July BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The July BCG Monthly Telephone Briefing will be on Friday, July 18, 2014 from 12:00 - 1:30 p.m. This month's topic will be "Regulation O and Insider Transactions Update" and "Affiliate Transactions Under Regulation W." We hope you will join us for the briefing and the Q&A immediately following.

June BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The June BCG Newsletter is here! This month's highlights include "Agencies Issue Guidance on Increased NFIP Maximum for Other Residential Buildings," "Rounding Numbers in the New TILA-RESPA Integrated Mortgage Disclosures," "FinCEN Advisory Cautions to be on the Lookout for Trade-based Money Laundering Schemes with Mexico," "OCC Proposes Licensing Rules" and "NCUA Proposes Revisions to Field of Membership Associational Common Bond Provision."

August BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC invites you and your operations and compliance staffs to attend a seminar covering New Accounts Documentation. Having proper new account policies and procedures can help financial institutions prevent or at least reduce the risk of fraud and other losses. This Seminar will focus on documents that institutions will want to review during the account-opening process for individuals, businesses (such as corporations, partnerships and LLCs), fiduciaries (for example, trusts, decedent estates and guardianships) and professionals (attorneys and property management companies). Finally, we will also discuss the scope of the federal regulatory guidance on overdraft protection, including the applicability of the guidance to institutions that do not have a formal overdraft program. We will also provide you with some tools that will be helpful in developing new account policies and procedures to assist you in complying with both CIP and KYC standards.

June BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

June's BCG Monthly Telephone Briefing will be on Friday, June 20, 2014 from 12:00 - 1:30 p.m. This month's topics will be "IRS's Coordinating FATCA Regulations, Limited Implementation Relief and Updated Forms W-8," and "CFPB'S Proposed Amendments to the Remittance Transfer Rule," and "Regulation P Proposed Rule Regarding the Delivery of Annual GLBA Privacy Notices." We hope you will join us for the briefing and the Q&A immediately following.

July BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC is pleased to invite your lending, operations and compliance staffs to a Webinar on "Doing Business With Family Trusts." Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. We will address both lending and banking operations issues.

You will receive a detailed, downloadable discussion outline, not just skimpy PowerPoint slides!

June BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

Bankruptcy filings have been reaching record levels. The U.S. Bankruptcy Code presents a veritable minefield for lenders and depository institutions. When your customer files for bankruptcy protection, it is essential that your institution understand what it must do to protect its interests and avoid potential liability. With this in mind, Aldrich Bonnefin & Moore is pleased to invite you, your lending staff and your operations staff to a Webinar on how to deal with your customer's bankruptcy. During this Webinar, we will explore the rules of the Bankruptcy Code as they affect your loans and deposit accounts, to assist you in developing an action plan to effectively deal with a customer’s bankruptcy filing. After a brief overview of the federal bankruptcy system and concepts that are essential to understanding the requirements of the Bankruptcy Code, the discussion will be centered around case studies based on real-life loan and deposit account situations

May BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The May BCG Monthly Telephone Briefing will be on Friday, May 16, 2014 from 12:00 - 1:30 p.m. This month's topics will be Federal and State Rules on Telemarketing, Spam and Junk Faxes. We hope you will join us for the briefing and the Q&A immediately following.

May BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The May BCG Newsletter is here! This month's highlights include CFPB Proposes Certain Adjustments to ATR Rule, Follow-up to April BCG Truth in Lending Seminar – Loan Estimate and Redisclosure, CFPB Proposes Amendments to Remittance Transfer Rule, FRB Announces Extended Compliance Period for CLOs under Volcker Rule, FRB Updates Loan Sampling Requirements, Reminder: New Revisions to CUSO Regulations Require Action by June 2014 and OSHA Issues Interim Final Rule on Whistleblower Procedures Under CFPA.

May BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is please to invite you and your staff to attend our Webinar entitled "Mortgage Services Rules Tune-Up." The new servicing rules for closed-end mortgage loans that went into effect this past January are presenting challenges for small and large servicers alike.This Webinar will provide a useful review of many of the new requirements under both TILA (Regulation Z) and RESPA (Regulation X) which apply to regulated depository institutions that service mortgage loans. We'll cover Regulation Z's new rules regarding payment processing, payoff statements and ARM rate and payment adjustment notices. In addition we will discuss the requirements under RESPA/Regulation X concerning mortgage servicing transfers, error resolution procedures, and when the early intervention rules apply.We will have several Q&A sessions to allow participants to pose questions to the speakers.

July BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Community Reinvestment Act (CRA) regulations have remained constant during the past few years. However, there have been some changes bankers should take into account. For example, the banking agencies recently adopted clarifications to some existing Interagency Questions and Answers (Q&A) Regarding Community Reinvestment dealing with community development. In addition, a new Q&A has been added to clarify how examiners will treat community development loans when assigning a rating under the "Lending Test" for large banks.

April BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The April BCG Newsletter is here! This month's highlights include President Signs Flood Insurance Reform Bill, IRS Issues Final and Temporary "Coordinating" FATCA Rules and Updates W-8 Forms, U.S. Supreme Court Extends Whistleblower Protection To Private Employees, EEOC Provides Guidance Regarding Religious Garb and Grooming and OCC Makes Technical Updates to Rules, Including Address Change of Headquarters Office.

April BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

The easiest time to identify customers is at account opening. However, once you have identified a customer, what should you do next? Should you even open the account? And if you do, what documentation must you obtain and what type of monitoring efforts do you need to undertake?This Webinar is designed to provide simple and straightforward training necessary to help you and your staff understand a financial institution's customer due diligence (CDD) obligations under the Bank Secrecy Act. And of course, where would effective BSA training be without also discussing beneficial ownership requirements? This "drilling down" regarding a customer's identity supplements the institution's customer identification program and even paves the way for enhanced due diligence when necessary. It is no secret that BSA compliance and CDD remain high on BSA examiners' lists for all financial institutions and their employees, regardless of job function. With these thoughts in mind, we will navigate the regulatory maze of getting to know your customers.

June BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Commercial real estate values have been slowly increasing since the financial crisis of 2008. As lenders rebuild their CRE loan portfolios, it is crucial that lenders learn from past mistakes by carefully underwriting and structuring CRE loans. With this in mind, Aldrich Bonnefin & Moore is pleased to present a seminar on Commercial Real Estate Lending. The seminar will focus on some basics to CRE lending, such as adequately insuring the collateral and the limitations of the one-action and anti-deficiency rules. In addition, the seminar will cover tax-free exchanges and surviving as a junior lienholder.

April BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

April's BCG Monthly Telephone Briefing will be on Friday, April 18, 2014 from 12:00 - 1:30 p.m. This month's topics will be "Proposed Regulation Establishing Minimum Requirements for Appraisal Management Companies" and "Cyber-attacks: Preventing Online Sabotage and DOoS Attacks." We hope you will join us for the briefing and the Q&A immediately following.

May BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC is pleased to invite you to attend our seminar on the subject of legal processes, specifically, levies and subpoenas. The program will focus on levies served by private creditors as well as government agencies. The discussion will include the fundamentals of processing a levy and important principles for determining whether a particular type of account is subject to levy. In addition to levies and executions, we will discuss how to respond to requests for customers' financial records. During this segment, the program will focus on civil subpoenas as well as government requests for information under the California and Federal Right to Financial Privacy laws. This seminar is intended to be of benefit to individuals will all levels of experience.

March BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The March BCG Newsletter is here! This month's highlights include FDIC Adopts Mortgage Rule Exam Procedures, FinCEN Releases Guidance on Marijuana-related Businesses, Use of Advanced Approaches Framework Approved for Certain Banks, Loss Payee Foreclosed From Collecting Insurance Proceeds, U.S. Treasury and IRS Issue Employer Responsibility Regulations Under Affordable Care Act and HMDA Revisions Underway.

March BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

March's BCG Monthly Telephone Briefing will be on Friday, March 21, 2014 from 12:00 - 1:30 p.m. This month's topics will be "FinCEN BSA Guidance for Marijuana-related Business Deposit Accounts" and "Recent CFPB Developments under the Fair Credit Reporting Act." We hope you will join us for the briefing and the Q&A immediately following.

April BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

As compliance and lending professionals are aware, the Truth in Lending Act and Regulation Z have undergone significant changes during the past year, most of which went into effect just a month ago. Incorporating these changes into compliance policies, procedures, loan documentation, training and audit programs has been a challenge for everyone. And now we have the task of learning and implementing the new integrated mortgage disclosure requirements. In its effort to create forms that consumers can understand, the CFPB issued its final rule in December 2013 to combine the TILA and RESPA mortgage disclosures. 78 FR 79730. The new disclosures, which become effective August 1, 2015 -- yes, 2015 -- include a "Loan Estimate" to be given upon receipt of a mortgage loan application and a "Closing Disclosure" which will be provided to consumers three business days prior to consummation (loan signing). Our TILA & Regulation Z Seminar will focus on how these new disclosures will work. In addition, we will cover other Regulation Z rules creditors are contending with, including the new periodic statement and servicing requirements for mortgage loans, HPML escrow account and appraisal rules and terming out HELOCs.

February BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The February BCG Newsletter is here! This month's highlights include "Adjustment Made to HPML Escrow Account Small Creditor Asset-size Exemption Threshold," "Clarifications on Regulation B Appraisal Availability Rules," "Master Treasury Services Agreements," "Volcker Rule Developments," "NCUA Adopts Derivatives Final Ruled," "NLRB Surrenders to Ruling on Organizing-rights Poster" and "Recent CRA and HMDA Developments."

February BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The February BCG Monthly Telephone Briefing will be on Friday, February 21, 2014 from 12:00 - 1:30 p.m. This month's topic will be "FFIEC's New Social Media Guidance" and "Revisions to CRA Community Development Questions & Answers." We hope you will join us for the briefing and the Q&A immediately following.

March BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

The compensation and qualification of loan originators is highly regulated under both state and federal law. This Webinar will walk you through the new federal regulations and certain aspects of California employment law that bear on the hiring, qualification and compensation of residential mortgage loan originators. Compensation. While loan originator compensation restrictions were first adopted in 2010, significant amendments went into effect on January 1, 2014, which further restrict how commissions and other compensation paid to "loan originators" may be calculated. Employment law. California employment law adds its own unique overlay to the mortgage loan originator compensation issues. Strict regulations require that most employees be paid minimum wage, subject to certain limited exceptions. These regulations limit an employer's ability to compensate an employee on a commission-only basis. California employment law also imposes restrictions and disclosure requirements on any background investigation of a potential employee.

February BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

Identifying and documenting new and existing customers is becoming increasingly difficult as financial institutions are expected to know more and more about their customers before permitting them to open and maintain deposit accounts. Account-opening procedures go far beyond obtaining the customer's name and TIN. Financial institutions are expected to be able to figure out not only the customer's "legal name" but also who is authorized to act on behalf of the particular customer as well as whether that customer poses a BSA risk. Please join us as we discuss account documentation that will help your institution satisfy its CIP obligations as well as determine those individuals who are authorized to act on behalf of different types of business entities and other types of organizations. This Webinar will be a helpful learning experience for both seasoned and less experienced new accounts personnel.

Important Update

Wed, 1 Oct 2014 17:44:01 PST

An Important Update has been posted to the BCG Website titled, "Volcker Rule Finalized." On December 10, 2013 the FRB, OCC, FDIC, together with the SEC and the Commodity Futures Trading Commission, adopted final rules implementing Section 619 of the Dodd-Frank Reform Act - commonly referred to as the "Volcker Rule." The regulations become effective April 1, 2014. The regulations extend the deadline for conforming current activities with the requirements of the statute and the regulations to July 21, 2015.

December BCG Newsletter

Wed, 1 Oct 2014 17:43:54 PST

The December BCG Newsletter is here! This month's highlights include "FDIC Proposes Restrictions on Sales of Assets of Covered Financial Companies," "Final TILA/RESPA Integrated Mortgage Disclosures Rule Issued," "Agencies Issue Exam Procedures for Garnishment of Accounts Containing Federal Benefits," "Regulatory Capital Estimation Tool Released," "NCUA Revises CUSO Regulations to Enhance Transparency" and "Revisions to CRA Q&As Clarify Certain Community Development Activity."

January BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On January 21, 2014, Aldrich Bonnefin & Moore is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2014. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

February BCG Seminar - Commercial Lending

Wed, 1 Oct 2014 17:44:01 PST

The economy slowly recovers, commercial lenders must maintain a delicate balance between prudent lending standards and creative loan terms that may be dictated by today's competitive marketplace. Now more than ever, it is essential that lenders have a solid understanding of the fundamentals of commercial lending, especially the UCC rules on how to attach and perfect security interests in business assets. With this in mind, Aldrich Bonnefin & Moore is pleased to invite you to attend our Commercial Lending Seminar. This seminar will focus on a number of issues that lenders regularly face including UCC filings and hidden liens. In addition, this seminar will include a discussion of equipment leasing, lease financing and a UCC case law update.

January BCG Seminar - ECOA/Regulation B & FCRA

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC is pleased to invite you to a seminar on the Equal Credit Opportunity Act (ECOA), Regulation B and the Fair Credit Reporting Act (FCRA). Regulation B compliance remains a top priority for lenders and examiners alike. Regulation B applies to all areas of lending, including business, consumer and mortgage lending, and imposes strict compliance requirements on every aspect of a credit transaction, including applications, underwriting, price setting and signatures on loan documents.

November BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The November BCG Newsletter is here! This month’s highlights include "Agencies Propose Biggert-Waters Flood Reform Rules," "OCC Issues Third-party Risk Management Guidance," "FDIC Reminds Institutions of D&O Liability Limitations," "Interagency Guidance on Troubled Debt Restructurings," "New Diversity Standards For Institutions Proposed," "NCUA Revises Examination Report and Process" and "CFPB Gets Tough on HMDA."

December BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The December BCG Monthly Telephone Briefing will be on TUESDAY, December 17, 2013 from 12:00 - 1:30 p.m. (instead of the usual 3rd Friday scheduling). This month's topic will be "California Legislation Update." We hope you will join us for the briefing and the Q&A immediately following.

November BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The November BCG Monthly Telephone Briefing will be on Friday, November 15, 2013 from 12:00 - 1:30 p.m. This month's topics will be "Managing Third-party (Vendor) Relationships." We hope you will join us for the briefing and the Q&A immediately following.

November BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Wednesday, November 20, 2013, from 10:00 - 11:30 a.m., Aldrich Bonnefin & Moore is presenting a webinar titled, "HMDA Data Collection: Can We Get It Right?" Home Mortgage Disclosure Act and Regulation C haven’t changed for some time now. But the rules continue to challenge both novice and experienced lenders. HMDA data plays an integral part in fair lending and CRA analyses. Moreover, with the potential for being assessed penalties associated with reporting errors, it is crucial for an institution's HMDA data gathering and reporting process to be precise.

October BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The October BCG Newsletter is here! This month's highlights include "Final Revisions Adopted to Certain Mortgage Loan Related Rules," "Coogan Trust Accounts and Blocked Accounts Addressed in the SCO's New Holder Handbook," "Governor Signs Corporate Emergency Powers and Bylaws Measure," "OCC Issues New OREO Handbook," "Mechanics Liens," "Employers Warned Against Exclusive Use of Payroll Cards," "Proposal Would Permit Funding of Charitable Donation Accounts" and "2012 HMDA Data Released."

October BCG Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The October BCG Monthly Telephone Briefing will be on Friday, October 18, 2013 from 12:00 - 1:30 p.m. This month's topics will be "New Regulatory Capital Rules and Implementation of Basel III." We hope you will join us for the briefing and the Q&A immediately following.

December BCG Seminar - Management & Directors

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you to attend the 28th Annual Management & Directors Seminar, "Game Changers in Banking Ahead: A Preview of What's to Come in 2014." This year's keynote speakers are Jan Lynn Owen, Commissioner of the California Department of Business Oversight and Edwin L. Chow, Regional Director (West Region) of the Consumer Financial Protection Bureau. Register today!

September BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The September BCG Newsletter is here! This month's highlights include "Small Servicer Exemption and Contract Collections," "Qualification Screening of Existing Loan Originator Employees," "Agencies Issue Revisions to Proposed Risk Retention Rules," "CA Legislature Expands Anti-deficiency Protections," "DOL Extends FMLA to Same-sex Couples" and "2012 CRA Small Business, Small Farm and CD Data Released."

November BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you to attend our Mortgage Lending Compliance Seminar. We are reprising the BCG Mortgage Lending Compliance Seminar we presented in March of this year, so if you are thinking that this is deja vu all over again – you're right! Financial institutions are still working to understand what the new regulations will require of them beginning in January 2014, when most of the new regulations go into effect. Therefore there is still a need for training on the new regulations, which this seminar will provide. This full-day seminar will focus primarily on compliance with these new rules for closed-end (non-revolving) loans. In addition, we will discuss how the new regulations will impact home equity lines of credit. We hope you will join us for this informative review of the new mortgage lending and servicing regulations.

October BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Tuesday, October 29, 2013, from 10:00 - 11:30 a.m., Aldrich Bonnefin & Moore is presenting a webinar titled, "CRA Small Business/Small Farm Data Collection-It's In the Coding." With March 1, 2014 just around the corner, are you prepared to submit your 2013 CRA data? Is your institution familiar with how to determine what qualifies as a small business loan or a small farm loan? What the rules are for reporting loan location? What about determining whether the borrower is a small business or small farm? It goes without saying, data integrity is a must! And if these questions seem to haunt your data collection efforts, join us in October as we discuss the current regulatory requirements for collecting and reporting CRA data and offer tips to help ensure that the data you report is right!

September Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The September BCG Monthly Telephone Briefing will be on Friday, September 20, 2013 from 12:00 - 1:30 p.m. This month's topics will be "A Bankers’ Guide to Protecting Trade Names and Other Intellectual Property Rights." We hope you will join us for the briefing and the Q&A immediately following.

August BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The August BCG Newsletter is here! This month's highlights include "CFPB Finalizes Amendments to 2013 Mortgage Rules Under Reg X and Reg Z," California Fair Lending Notice and Lobby Poster,"Help Aid Offered to Educate Law Enforcement of Garnishment Exemption for Federal Benefits Payments,"U.S. Banking Agencies Approve Basel III Capital Standards,"Use of New UCC-1 Financing Statement" and "Circuit Court Vacates DOL Mortgage Loan Officer Ruling."

October BCG Seminar - General Banking Operations

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC is pleased to invite you and your operations staff to attend a seminar addressing several important areas of banking operations. At this seminar we will address developments in some of the more routine operations areas. We will focus on death of depositor issues, tax information reporting and backup withholding. This seminar will also cover Bank Secrecy Act and Anti-money Laundering compliance issues. As part of our BSA/AML discussion we will cover suspicious activity reporting and the new FinCEN guidance on CTR reporting for armored car services. Finally, we will discuss the IRS final rule which implements the Foreign Account Tax Compliance Act (FATCA) and the rule's impact on U.S. deposit operations, including the certification process triggered by FATCA.

August Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

The August BCG Monthly Telephone Briefing will be on Friday, August 16, 2013 from 12:00 - 1:30 p.m. This month's topics will be "Lending Limits Revisited" and "FATCA’s Impact On Domestic Deposit Operations." We hope you will join us for the briefing and the Q&A immediately following.

September BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Thursday, September 26, 2013, from 10:00 - 11:30 a.m., Aldrich Bonnefin & Moore is presenting a webinar titled, "Doing Business with Family Trusts." Family trusts, once the exclusive preserve of the wealthy, have become commonplace. As a result, financial institutions face questions every day on how to deal with trusts and trustees. Trusts are remarkably flexible vehicles, with the result that very few hard-and-fast rules apply. We will address both lending and banking operations issues.

August BCG Webinar

Wed, 1 Oct 2014 17:44:01 PST

On Thursday, August 29, 2013, from 10:00 - 11:30 a.m., Aldrich Bonnefin & Moore is presenting a webinar titled, "Business Continuity Planning: Earthquakes, Wildfires, Flooding – Oh My! Are You Ready for the Next Disaster?" Recent events and natural disasters resulting in business disruptions around the world emphasize the importance of having an effective business continuity plan. Moreover, the emergence of new technologies present challenges and opportunities for integration with existing plans. This Webinar will use recent events, large and small, to illustrate the importance of updating your business continuity plans as part of effective risk management processes.

July Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

July's Bankers Compliance Group® Monthly Telephone Briefing will be on July 19, 2013 from 12:00 - 1:30 p.m. This month's topics will be "CFPB Proposes to Amend the 2013 Mortgage Rules" and "CFPB Amends Regulations X and Z (Mortgage Servicing Rules, HPML Escrow Rules and Definitions of a Qualified Mortgage)." We hope you'll join us for the briefing and the Q&A immediately following.

July BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The July BCG Newsletter is here! This month's highlights include "Proposal Would Amend Certain Mortgage Loan Related Rulse," "CFPB Issues Initial Results of Overdraft Program Inquiry," "OCC Finalizes Lending Limit Rule; Extends Temporary Exception for Including Derivatives Exposure," "NCUA Adopts Final Loan Participations Rule" and "Annual Update Made to List of Distressed and Underserved Geographies."

September BCG Seminar - Construction Lendingf

Wed, 1 Oct 2014 17:44:01 PST

AS the economy recovers from the 2008 financial crisis and the great recession, lenders are renewing their interest in making construction loans. Recognizing that an over-concentration in construction loans contributed to the downfall of a number of financial institutions, lenders are approaching this type of lending with some degree of caution. Faced with uncertainty, construction lenders must carefully underwrite and structure construction loans in ways that meet their clients’ needs while at the same time minimize the potential for loss. Now more than ever, a construction lender must understand and appreciate the importance of due diligence and the appropriate structuring of construction loans and sound credit administration practices. With this in mind, Aldrich Bonnefin & Moore is pleased to invite you, your lending professionals, your note department personnel and your audit and loan review staff to a seminar on Construction Lending. This seminar will focus on due diligence issues, as well as structuring and administering construction loans.

July BCG Webinar - Regulatory Compliance for Commercial Lenders

Wed, 1 Oct 2014 17:44:01 PST

On July 30,2013, from 10:00 a.m. - 12:00 p.m., Aldrich Bonnefin and Moore will present a Webinar titled, "Regulatory Compliance for Commercial Lenders." This Webinar will offer a practical approach to knowing when particular regulations apply to commercial loans and what the basic rules are.

July Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

July's Bankers Compliance Group® Monthly Telephone Briefing will be on July 19, 2013 from 12:00 - 1:30 p.m. This month's topic will be "CFPB Proposes to Amend the 2013 Mortgage Rules." We hope you'll join us for the briefing and the Q&A immediately following.

June BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The June BCG Newsletter is here! This month's highlights include "Supreme Court May Soon Review NLRB Recess Appointments," "CFPB Finalizes ATR Proposal," "Treasury Finalizes Interim Rule on Levies and Federal Benefit Payment Exemptions," "Fed Reminds Institutions of Annual Audit Report Requirements," "Circuit Court Vacates NLRB Organizing-rights Posting Requirement" and "Proposed Rule Would Permit Limited Derivative Activities."

June BCG Webinar - QM . . . or Not to QM? That is the Question!

Wed, 1 Oct 2014 17:44:01 PST

On June 27, from 10:00 a.m. - 12:00 p.m., Aldrich Bonnefin and Moore will present a Webinar titled, "QM...or Not to QM? That is the Question!" This Webinar will focus on Regulation Z's new "Ability-to-Repay and Qualified Mortgage" requirements.

June Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

June's Bankers Compliance Group® Monthly Telephone Briefing will be on June 21, 2013 from 12:00 - 1:30 p.m. This month's topics will be "California Unclaimed Property Law: Review and Recent Developments," "The CFPB's New Final Rule on Remittance Transfers" and "Federal Garnishment Final Rule - Effective June 28, 2013." We hope you'll join us for the briefing and the Q&A immediately following.

August BCG Seminar - Truth in Lending & Regulation Z

Wed, 1 Oct 2014 17:44:01 PST

Compliance with the Truth in Lending Act and Regulation Z remains a top priority for financial institutions and compliance examiners. The many pending changes to Regulation Z have increased the regulation’s complexity, which means that lenders face increased risk exposure should they fail to comply with the regulation. In this seminar we will focus on closed-end and open-end credit issues. We will review the basics of Regulation Z coverage and the applicable exemptions, as well as discuss what is considered a finance or other charge. Also, we’ll provide a brief summary of the consummation (closed-end) and account-opening (open-end) disclosure requirements. As it relates to closed-end mortgage loans, we’ll discuss the upcoming ability to pay rules, changes to the high-cost mortgage loan triggers and new provisions impacting higher-priced mortgage loans (HPMLs). And, we’ll cover the new qualification requirements for loan originators. Finally, we’ll spend some time on home equity lines of credit (HELOCs), including termination, suspension and term-outs.

Answers to Questions Received During the May BCG Seminar

Wed, 1 Oct 2014 17:44:01 PST

The following questions came up during the May 2013 BCG Seminar on Compliance Management. 1. Under the final rules the CFPB issued in January 2013, are lenders prohibited from imposing prepayment penalties on HELOCs? If so, are prepayment penalties prohibited in connection with all HELOCs or just HELOCs that meet the definition of a "high-cost mortgage"? 2. Under the CFPB's Regulation Z Mortgage Servicing Rule, are HELOCs included in determining whether a servicer made 5,000 or fewer mortgage loans and, thus, meets the small servicer exemption?

May BCG Webinar - Open- and Closed-end Rescission: A Review

Wed, 1 Oct 2014 17:44:01 PST

On Wednesday, March 29, 2013, from 10:00 - 11:30 a.m., Aldrich Bonnefin & Moore is presenting a webinar titled, "Open- and Closed-end Rescission: A Review. An area that continues to perplex lenders under the Truth in Lending Act is the right of rescission. Under Regulation Z, the right of rescission allows the consumer some time to think over a credit transaction that involves a lien on the consumer’s home and to cancel the transaction if desired. However, it is the lender’s responsibility to determine whether a particular transaction is subject to the right of rescission, and if so, the creditor must properly complete and provide the rescission notice.

April BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The May BCG Newsletter is here! This month's highlights include "FRB Proposes Assessment on Holding Companies," "Reminder: June 1, 2013 Starts Ban on Arbitration Clauses in Mortgage Loan Contracts," "Reg E Remittance Transfer Rule Finalized," "FRB Issues Final Retail Forex Rule (Regulation NN)," and "HMDA Guide Updated."

July BCG Seminar - New Accounts Documentation & Truth in Savings Act/Regulation DD

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC invites you and your operations and compliance staff to attend a seminar covering new accounts documentation. Having proper new account policies and procedures can help prevent or at least reduce the risk of fraud and other losses for financial institutions. We will provide financial institutions with some tools necessary to develop new account policies and procedures to assist in complying with both CIP and BSA customer due diligence requirements. This seminar will focus on documents that institutions will want to review during the account-opening process for individuals, businesses (e.g., corporations, partnerships and LLCs) and fiduciaries (e.g., trusts, decedent estates and property management companies). Finally, we will also discuss recent developments in the area of overdraft protection, including disclosure requirements, order of payment problems and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) under Section 5 of the FTC Act.

May Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

May's BCG Monthly Telephone Briefing will be on Friday, May 17, 2013 from 12:00 - 1:30 p.m. This month's topics will be "Regulation Z Mortgage Servicing Final Rule" and "Proposed Revisions to CRA Community Development Questions & Answers." We hope you will join us for the briefing and the Q&A immediately following.

Reminder: June 1, 2013 Starts Ban on Arbitration Clauses in Mortgage Loan Contracts

Wed, 1 Oct 2014 17:44:01 PST

Effective June 1, 2013, Regulation Z will prohibit the inclusion of clauses requiring a consumer to submit disputes concerning certain mortgage transactions to binding arbitration or other non-judicial procedures. As part of a final rule issued on February 15, 2013 which generally dealt with loan originators, the Consumer Financial Protection Bureau (CFPB) added new Section 1026.36(h)(1) to Regulation Z. The new rule prohibits a contract for a closed-end consumer loan secured by a dwelling and an open-end home equity line of credit (HELOC) secured by the consumer's principal dwelling (Covered Loan) from including terms that require arbitration or any other non-judicial procedure to resolve any controversy or settle any claims arising out of the transaction. Note that closed-end mortgage loans are covered when secured by the consumer's dwelling, whether it is the consumer’s principal dwelling or a second or vacation home. On the other hand HELOCs are covered only when secured by the consumer's principal dwelling.

April BCG Newsletter

Wed, 1 Oct 2014 17:43:55 PST

The April BCG Newsletter is here! This month's highlights include "Agencies Issue Guidance on Biggert-Waters Flood Act," "Increase in California’s Automatic Exemption From Garnishment For Direct Deposits of Social Security and Other Benefit Payments," "MSRB Proposes Amendments to Its Telemarketing Rules," "New FMLA Poster Now In Effect," "Proposed CRA Q&As Aimed at Clarifying Community Development" and "NCUA Proposes to Clarify and Improve FCU Ownership of Fixed Assets Rule."

June BCG Seminar - Commercial Lending

Wed, 1 Oct 2014 17:44:01 PST

Faced with a downturn in the economy and an increasing number of problem loans, commercial lenders must maintain a delicate balance between prudent lending standards and creative loan terms that may be dictated by today’s competitive marketplace. Now more than ever, it is essential that lenders have a solid understanding of the basic concepts and rules of commercial lending. With this in mind, Aldrich Bonnefin & Moore is pleased to invite you to attend our Commercial Lending seminar. This seminar will focus on a number of issues that lenders regularly face including UCC filings, financing the acquisition of a business and issues affecting guaranties.

April Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

April's BCG Monthly Telephone Briefing will be on Friday, April 19, 2013 from 12:00 - 1:30 p.m. This month's topic will be "Regulation Z's New Ability to Repay Final Rule." We hope you will join us for the briefing and the Q&A immediately following.

April BCG Webinar - Understanding and Negotiating Loan Participation Agreements

Wed, 1 Oct 2014 17:44:01 PST

On April 24, from 10:00 - 11:30 a.m., Aldrich Bonnefin and Moore will present a Webinar titled, "Understanding and Negotiating Loan Participation Agreements." This Webinar will focus on the provisions of an agreement that meet regulatory expectations, that affect whether the participation will be treated as a “true participation” and provisions that determine the scope of a participant’s involvement in decision-making and dispute resolution.

May 2013 Seminar - Compliance Management (REVISED SCHEDULE)

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you, your compliance staff and the management of your financial institution to attend a seminar on Compliance Management. This seminar will focus on structuring an effective, risk-based compliance program for a financial institution and implementing the program’s objectives. There will be case studies to make the seminar of immediate practical value to all who attend. With increasing regulatory scrutiny and civil litigation against financial institutions, as well as the onslaught of new regulations this year, attention must be paid to systems and procedures for compliance with federal and state laws and regulations. Without a structured compliance program, compliance dollars can be wasted and the institution's ability to comply can be dramatically diminished. Without a formal compliance program, the institution is exposed to the risk of liability to shareholders, customers and regulators alike. In contrast, having a strong, well-managed compliance program can mitigate any occasional violations that inevitably occur.

March Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

March's Bankers Compliance Group Monthly Telephone Briefing will be on March 15, 2013 from 12:00 - 1:30pm. This month's topics will be "Bank Records Management and Retention" and "FFIEC's Proposed Social Media Guidance" We hope you'll join us for the briefing and the Q&A immediately following.

CFPB Begins Pumping Out Final Mortgage Loan Rules

Wed, 1 Oct 2014 17:44:01 PST

The onslaught of mortgage-related final rules required by the Dodd-Frank Reform Act and promised by the Consumer Financial Protection Bureau has now begun. On January 10, 2013, the Bureau released the following three final rules, all of which amend Regulation Z. These final rules will be discussed at the upcoming BCG Mortgage Lending Compliance Seminar to be held in March.

Bureau Issues Final ECOA Appraisal Rule

Wed, 1 Oct 2014 17:44:01 PST

On January 18, 2013, the Consumer Financial Protection Bureau issued another of the anticipated mortgage-related rules; specifically its final rule amending Regulation B to require that creditors automatically – that is, without the applicant’s request – provide a copy of the appraisal obtained in connection with an application for a loan to be secured by a first lien on a dwelling.

February Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

February's Bankers Compliance Group Monthly Telephone Briefing will be on February 15, 2013 from 12:00 - 1:30pm. This month's topics will be "Loan Originator Compensation Rules: Prohibitions, Amendments and New Qualification Requirements," "Final Rules on Higher-priced Mortgage Loans Under Regulation Z: Escrow Accounts and Appraisals," and "Regulation B Final Rule: Providing Copies of Appraisals and Other Valuations." We hope you'll join us for the briefing and the Q&A immediately following.

Februry Bankers Compliance Group Newsletter

Wed, 1 Oct 2014 17:43:57 PST

The February Bankers Compliance Group Newsletter is here! This month's highlights include "CFPB Pumps out Final Mortgage Loan Rules," "Pulling Credit Report for 1099 Address Verification Purpose," "DFI Posts Bank Designated Central Locations for Legal Process," "OCC and DFI Extend Temporary Exception for Including Derivatives in Lending Limits," "California Supreme Court Decision Makes It Easier for Borrowers to Challenge Loan Terms," and "Small Credit Union Asset Threshold Increased."

April 2013 Seminar - Electronic Banking

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you to our April seminar titled "Electronic Banking". Advancements in electronic banking have expanded the scope and nature of the products and services offered by financial institutions. In this full-day seminar, we will discuss an institution’s obligations that arise from this expansion, including compliance responsibilities for mobile banking, payment systems and funds transfers. We will also address a multitude of statutes and regulations relating to electronic banking, such as Regulation E, the NACHA rules and the UCC. Our program will also cover some of the contract and disclosure requirements related to these rules. Finally, we will discuss the recent developments concerning the new Remittance Transfer Rule and its multitude of amendments and effective dates.

March BCG Webinar - BSA, OFAC, and AML - Pick Your Poison!

Wed, 1 Oct 2014 17:44:01 PST

On March 14, 2013, from 10:00 - 11:30 am, Aldrich Bonnefin & Moore is presenting a webinar titled, "BSA, OFAC, and AML - Pick Your Poison!" Last year, HSBC paid fines which in total exceeded $1.9 billion for violations of BSA and sanctions regulations. Most BCG members have nothing to fear that resembles HSBC’s problems. But the $15 million paid by First Bank of Delaware for failure to "implement an effective BSA/AML Compliance Program with internal controls reasonably designed to detect and report evidence of money laundering and other suspicious activity" might be scary. This Webinar is designed to bring you up to date on recent changes in and the "evolution" of BSA, OFAC and AML rules, issues and solutions. It is for both compliance and legal officers. Our goal will be to show you what’s new, whether due to new rules or new attitudes.

February BCG Webinar - Fair Lending and Regulation B Tune Up

Wed, 1 Oct 2014 17:44:01 PST

On February 26, 2013, from 10:00 - 11:30 am, Aldrich Bonnefin & Moore is presenting a Webinar titled, "Fair Lending and Regulation B Tune Up." This webinar will provide an update on fair lending laws and processes for lenders of all types. A detailed written outline will be provided (not just sketchy PowerPoint slides). Plenty of time will be allowed for questions and answers. Some familiarity with lending processes will be assumed.

January Bankers Compliance Group Newsletter

Wed, 1 Oct 2014 17:44:00 PST

The January Bankers Compliance Group Newsletter is here! The monthly online newsletter keeps members informed on current topics related to Dodd-Frank Regulatory Reform, Consumer Finance, Operations, Commercial Lending, etc.

March BCG Seminar - Mortgage Lending Compliance

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you and your compliance and lending personnel to attend a seminar on regulatory compliance in the field of mortgage lending. The CFPB has issued several of the lending and servicing rules we have been eagerly anticipating. This full-day presentation will focus on compliance with these new rules and touch on existing regulations impacting the area of mortgage lending. Please note that this seminar will not cover loan documentation, but rather will review compliance laws and regulations affecting purchase money, refinance and home equity loans. Our focus will be on closedend (non-revolving) loans.

January Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

January's Bankers Compliance Group Monthly Telephone Briefing will be on Friday, Friday, January 18, 2013 from 12:00-1:30 PM. In keeping with tradition, we will present our annual Legislation Update. We hope you'll join us for the briefing and the Q&A immediately following.

OCC and DFI Extend Temporary Exception For Including Derivatives in Lending Limits

Wed, 1 Oct 2014 17:44:01 PST

The Office of the Comptroller of the Currency has formally extended to July 1, 2013 the temporary exception in applying its lending limit regulation, 12 CFR 32, to certain exposures arising from derivative transactions and securities financing transactions as to national banks and savings associations. In addition the California Department of Financial Institutions just announced that it too is extending its compliance deadline to July 1, 2013 for including these exposures in calculating a California state-chartered bank’s unsecured lending limit.

Senate Defeats Extension of TAG

Wed, 1 Oct 2014 17:44:01 PST

On December 13, 2012, the Senate blocked a vote on a bill that would have extended the Transaction Account Guarantee (TAG) program for another two years. As a result, beginning January 1, 2013, the unlimited deposit insurance coverage for noninterest-bearing transaction accounts, including Interest on Lawyer Trust Accounts, provided under the TAG will revert back to $250,000.

CFPB Issues Final Rule Delaying Some but not All Title XIV Mortgage Reforms

Wed, 1 Oct 2014 17:44:01 PST

On November 19, 2012 the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule that delayed the effective date of several mortgage reforms required by the Dodd-Frank Reform Act. The delayed provisions, all required by Title XIV of the Reform Act, will only go into effect when the Bureau issues its final rule on the TILA/RESPA integrated mortgage disclosures, now expected to be sometime in 2013. All of the delayed provisions will be made part of the integrated disclosures. This article summarizes which Title XIV requirements were delayed as well as those which were not. The non-delayed provisions will apparently still become effective on January 21, 2013 whether the Bureau can get final rules out in time or not.

OCC Extends Temporary Exception for Inclusion of Derivatives in Lending Limits

Wed, 1 Oct 2014 17:44:01 PST

The Office of the Comptroller of the Currency (“OCC”) provided notice on November 14, 2012 that it intends to extend from January 1, 2013 to April 1, 2013 the temporary exception for the application of its lending limits rule, 12 CFR 32, to certain exposures arising from derivative and securities financing transactions.

December Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

December's Bankers Compliance Group Monthly Telephone Briefing will be on Friday, December 21, 2012 from 12:00-1:30 PM and will cover Anticipated Expiration of Unlimited FDIC Deposit Insurance and The World of Derivatives and Swaps Regulation Post-Dodd-Frank. We hope you'll join us for the briefing and the Q&A immediately following.

January BCG Seminar - Community Real Estate Lending--Due Diligence Revisited

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore is pleased to invite you, your institution's loan officers, loan workout specialists, documentation staff, chief financial officers, and chief credit officers to attend our January seminar on Commercial Real Estate Lending. The seminar will focus on a number of due diligence issues, including title review, appraisal review, identifying your borrowing entity, dealing with leases, and loan pricing.

January BCG Webinar - Compliance Roundup for 2013

Wed, 1 Oct 2014 17:44:01 PST

On January 29, 2013, from 10:00 am - 12:00 pm, Aldrich Bonnefin & Moore is presenting a Webinar to highlight the regulatory changes that will have an impact on financial institutions and require action in 2013. This presentation will include a high-level review of developing areas of the financial services industry (including laws, regulations and products) that are expected to undergo changes next year. These areas include consumer and mortgage lending, banking operations and corporate governance.

February BCG Seminar - Legal Processes

Wed, 1 Oct 2014 17:44:01 PST

Aldrich Bonnefin & Moore, PLC is pleased to invite you to attend our seminar on the subject of legal processes, specifically, levies and subpoenas. The program will focus on levies served by private creditors as well as government agencies. The discussion will include the fundamentals of processing a levy and important principles for determining whether a particular type of account is subject to levy. We will also cover new state legislation on centralized service of writs and levies from private judgment creditors. In addition to levies and executions, we will discuss how to respond to requests for customers’ financial records. During this segment, the program will focus on civil subpoenas as well as government requests for information under the California and Federal Right to Financial Privacy laws. This seminar is intended to be of benefit to individuals will all levels of experience.

2013 BCG Seminar Schedule

Wed, 1 Oct 2014 17:44:01 PST

Bankers Compliance Group has released its schedule of seminars planned for 2013, as approved by a majority vote of the members of BCG. Scheduling of these seminars is subject to change without further approval. Any comments or suggestions regarding future seminar topics are welcome.

BCG Monthly Telephone Briefing Annual Signup for 2013

Wed, 1 Oct 2014 17:44:01 PST

Make the BCG Monthly Telephone Briefing a standing event at your office for 2013 by registering once for the entire year! When you sign up annually for the 2013 BCG Monthly Telephone Briefings, you fill out only one form – one time! BCG will put you on our “Regulars” list and you will automatically be signed up for the Briefings each month for 2013.

November Monthly Telephone Briefing

Wed, 1 Oct 2014 17:44:01 PST

November's Bankers Compliance Group Monthly Telephone Briefing will be on Friday, November 16, 2012 from 12:00-1:30 PM and will cover New California Homeowners Bill of Rights—Provisions Applicable to Smaller Lenders and Changes to California Laws on Service of Levies. We hope you'll join us for the briefing and the Q&A immediately following.

Unlimited Deposit Insurance Coverage for Non-interest Accounts Ceases December 31, 2012

Wed, 1 Oct 2014 17:44:01 PST

On November 5, 2012, the FDIC issued a Financial Institution Letter (FIL) stating that absent a change in law, beginning January 1, 2013 the FDIC will no longer provide separate, unlimited deposit insurance coverage for noninterest-bearing transaction accounts, including Interest on Lawyer Trust Accounts.

November BCG Webinar - New Reg E Final Rule on Remittance Transfers

Wed, 1 Oct 2014 17:44:01 PST

On November 28, 2012, Aldrich Bonnefin & Moore is presenting a Webinar entitled “New Reg E Final Rule on Remittance Transfers.” We will discuss a summary of the original February final rule, the impact of the August final rule on the new Regulation E requirements, the safe harbor for remittance transfers not provided in the “normal course of business,” and new disclosure requirements for transfers scheduled in advance.

October Bankers Compliance Group Newsletter

Wed, 1 Oct 2014 17:44:00 PST

October Bankers Compliance Group Newsletter is here! The monthly online newsletter keeps members informed on current topics related to Dodd-Frank Regulatory Reform, Consumer Finance, Operations, Commercial Lending, etc.

October Monthly Telephone Briefing Agenda

Wed, 1 Oct 2014 17:44:01 PST

The October Bankers Compliance Group Monthly Telephone Briefing covers "Proposed Mortgage Servicing Amendments to Regulation X" and "Proposed Mortgage Servicing Amendments to Regulation Z."

October BCG Seminar - Negotiable Instruments Law

Wed, 1 Oct 2014 17:44:01 PST

At the Negotiable Instruments Seminar, we will review the requirements for check signatures and endorsements, the impact of the collections process, and the various types of claims that may be asserted against both depositary and payor banks. This discussion will also focus on the various issues with electronic checks under Check 21, image exchange and remote deposit, including mobile deposit. Finally, we will discuss expedited funds availability rules, including the impending amendments to Regulaton CC.

October BCG Webinar - Mortgage Lending Update

Wed, 1 Oct 2014 17:44:01 PST

The Mortgage Lending Update Webinar will cover proposals issued during the past few months by the Consumer Financial Protection Bureau (and other agencies) to the mortgage lending regulations and how these changes will change the mortgage lending landscape.

November BCG Seminar - Community Reinvestment Act

Wed, 1 Oct 2014 17:44:01 PST

The Community Reinvestment Act (CRA) Seminar will cover assessment area delineation issues, preparing for your CRA exam, reviewing your CRA program in light of the 2010 census, data integrity issues for all insitutions, the Home Mortgage Disclosure Act (HMDA), and increased emphasis on UDAAP and how it may affect your CRA rating.

December BCG Seminar - 27th Annual Management & Directors Seminar

Wed, 1 Oct 2014 17:44:01 PST

"The New Pace of California Bankng: Ready, Set, Go!" BCG’s Management and Directors Seminar is always a popular program. All Senior Officers, Directors and Compliance Managers are welcome to attend.

Introducing Compliance Companion for your Mobile Device

Wed, 1 Oct 2014 17:44:01 PST

Compliance Companion, the one-stop regulatory compliance resource for financial institutions, is now available for your mobile device (e.g., tablets and smart phones) making it faster and easier for you to access the latest federal and California laws and regulatory updates while on the move.

Reminder: Employees Allowed Paid Time Off To Vote

Wed, 1 Oct 2014 17:44:01 PST

November 6, 2012 is the date set for the presidential election as well as for California state and local candidates and initiatives. Employers are reminded that employees may arrange to take up to two hours of paid time off to vote in a statewide election if they do not have sufficient time outside of working hours. This is true for full-time, part-time, temporary and probationary employees.

BCG Lending Limit Handout Revision

Wed, 1 Oct 2014 17:44:01 PST

Please note, a correction has been made to BCG Handout #12-9B, “Lending Limits.” Specifically, on page 20, at paragraph 4, the discussion of the OCC’s interim final rule revising its lending limit rules to implement Section 610 of the Dodd-Frank Reform Act to include credit exposures arising from derivative transactions (among others) within the definition of “loans and extensions of credit,” has been revised to clarify that the provisions of the interim final rule become effective on January 21, 2013.

Status of Dodd-Frank Reform Act Mortgage Rules (as of September 17, 2012)

Wed, 1 Oct 2014 17:44:01 PST

As compliance professionals know, proposals are flying out of the Consumer Financial Protection Bureau at a fast and furious pace! Just keeping track of what the Bureau has released is becoming increasingly more difficult. To assist our BCG Members in this effort (as well as ourselves), we’ve prepared the following chart which reflects the status of the mortgage lending and servicing rules mandated by the Dodd-Frank Reform Act. We’ll update this chart as developments take place.

CFPB Adopts Safe Harbor for Exempting Small Remittance Providers from Remittance Transfer Rule

Wed, 1 Oct 2014 17:44:01 PST

In February 2012 the Consumer Financial Protection Bureau amended Regulation E to implement Section 1073 of the Dodd-Frank Reform Act to incorporate provisions relating to remittance transfers initiated by consumers. 77 FR 6194. The February 2012 final rule defines a “remittance transfer” as an electronic transfer of funds sent by consumers in the United States to recipients to be received in locations in other countries. The February 2012 final rule imposes a number of disclosure requirements on remittance transfer providers including requirements to disclose fees associated with the remittance upfront and to disclose the exchange rate and amount to be received by the recipient.